CBN Forex Policy: Spanish Airline withdraws services from Nigeria

Spanish national carrier Iberia, has withdrawn its services from Nigeria.

Sources, according to Naira Metrics, say other foreign airlines are also contemplating withdrawing their services from the nation.

This decision is based on the huge financial difficulties the airlines are currently facing based on the Central Bank of Nigeria’s forex policy.

The policy has prevented airlines from repatriating proceeds made here in Nigeria for months back to their parent countries.

According to reports, foreign airlines have had over $500 million trapped in various Nigerian banks.

Iberia had earlier expressed its dismay over the CBN’s forex policy and had threatened to withdraw if the policy was not withdrawn.

With this development, foreign airlines have requested to meet with the Federal Government in other to find an amicable solution by exempting foreign airlines from this policy.