Tag: Emirates Airline

Emirates Airline Suspends Flights To Nigeria
Finance, News, Nigeria, Transportation

Emirates Airline Suspends Flights To Nigeria

Emirates Arline has suspended flight operations to Nigeria due to its inability to send home funds stuck in the country. This was contained in a statement the airline issued on Thursday. The statement added that the suspension became effective on October 29, 2022. This marks the second time the airline will stop flights to Nigeria over its $85 million revenue, with the first coming in August 2022. It follows the inability of foreign airlines to send home their revenue of over $500 million. Despite Nigeria’s foreign exchange crisis which has made it hard for revenue to be repatriated, the federal government released $265 million to foreign airlines operating in the country to offset outstanding ticket sales. The Central Bank of Nigeria, CBN, released a further $120 milli...
CBN releases $265m to Airlines to Stop Suspension Of Flights
Aviation, News, Nigeria

CBN releases $265m to Airlines to Stop Suspension Of Flights

The Central Bank of Nigeria (CBN) released a sum of $265milion to foreign airlines to curb the issues concerning the non-repatriations of funds from ticket sales. The CBN confirmed that the funds released were to enable airlines that had threatened to suspend Nigerian flights over non-repatriation of its funds from ticket sales to continue their services. See Also: Emirates to Suspend Nigerian Flights Over Non-Repatriation of Funds from Ticket Sales Confirming the release, in a statement, the Director, Corporate Communications Department at the CBN, Mr. Osita Nwanisobi said: “The Governor, Godwin Emefiele, and his team were concerned about the development and what it portends for the sector and travelers as well as the country in the comity of nations”. “The CBN is not aga...