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Emirate Airline To Suspend Operations In Nigeria - Business - Nairaland

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Emirate Airline To Suspend Operations In Nigeria by Adesiji77: 6:10pm On Oct 18, 2016
Barring any last minute change, international airline, the Emirate will suspend its operations in Nigeria from October, 22nd due to irregularities in foreign currency repatriation policy. Speaking on the challenges currently facing the airline, concerned stakeholders in the aviation sector lamented the inability of the foreign airlines to get the dollar equivalent of the money and noted that if nothing is done to resolve the problem, Emirate will be the next to suspend its operation in Nigeria.

The stakeholders, who would not want their names mentioned, called on the federal government to intervene in this problem as it would send a wrong signal to the world if foreign airlines keep suspending operations in Nigeria. Emirates is Dubai-based airline, United Arab Emirates and a subsidiary of the Emirates Group, which is wholly owned by the government of Dubai’s Investment Corporation of Dubai.

It is the largest airline in the Middle East, ‎operating over 3,600 flights per week from its hub at Dubai International Airport, to more than 154 cities in 81 countries across six continents; even as cargo activities are undertaken by Emirates Sky Cargo. Emirates airline operates a mixed fleet of Airbus and Boeing wide-body aircraft and is one of the few airlines to operate an all-wide-body aircraft fleet.

http://leadership.ng/business/555008/emirate-airline-sets-to-suspend-operations-in-nigeria
Re: Emirate Airline To Suspend Operations In Nigeria by Truth234(m): 6:27pm On Oct 18, 2016
Fg will have to step in big time. Emirates shocked

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Re: Emirate Airline To Suspend Operations In Nigeria by dealslip(f): 7:44pm On Oct 18, 2016
ok oh! when APC is done with Nigeria. They should let us know. Nigerians you see your life
Re: Emirate Airline To Suspend Operations In Nigeria by Adesiji77: 8:21pm On Oct 18, 2016
Truth234:
Fg will have to step in big time. Emirates shocked

I wonder o...if Emirates should go, hmmm

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Re: Emirate Airline To Suspend Operations In Nigeria by 989900D: 8:44pm On Oct 18, 2016
Didn't the CBN mention sorting airlines lately? undecided
Re: Emirate Airline To Suspend Operations In Nigeria by fuckyoumhen: 8:51pm On Oct 18, 2016
Seun:
All the conditions for the great depression are falling into place. Business will fail, leading to job losses, leading to more businesses failing ...
Bravo! Unbaised comment coming from nairaland founder! Meanwhile I want mynd44 to follow your footstep when it comes to discussion on national issue
Re: Emirate Airline To Suspend Operations In Nigeria by Rick9(m): 8:56pm On Oct 18, 2016
Problems
Re: Emirate Airline To Suspend Operations In Nigeria by davide470(m): 9:09pm On Oct 18, 2016
Seun:
All the conditions for the great depression are falling into place. Business will fail, leading to job losses, leading to more businesses failing ...
The figures are not tending towards depression, in fact, it is very far-fetched..

Inflation figures for the past 3M has been within the 17.1-17.9% range, meaning fiscal measures are being put in place.
Re: Emirate Airline To Suspend Operations In Nigeria by davide470(m): 9:15pm On Oct 18, 2016
989900D:
Didn't the CBN mention sorting airlines lately? undecided
Yes. CBN is intervening, but if you read their complaints again, it is not an issue of dollar scarcity but..

..due to irregularities in foreign currency repatriation policy.


..Speaking on the challenges currently facing the airline, concerned stakeholders in the aviation sector lamented on the inability of the foreign airlines to get the dollar equivalent of the money..


Somebody would pay for a ticket at Parallel rate of N450 but CBN would repatriate the funds at Interbank rate of N385 or less, so you see their brunt!

Even the forward rates on the FMDQ Mkt introduced by the CBN ain't helping matter.
Re: Emirate Airline To Suspend Operations In Nigeria by Seun(m): 9:53pm On Oct 18, 2016
davide470:
The figures are not tending towards depression, in fact, it is very far-fetched..

Inflation figures for the past 3M has been within the 17.1-17.9% range, meaning fiscal measures are being put in place.
I hope you are right. A depression can't really happen without wrong policies by the CBN, but they seem to be very confused and reactionary.

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