Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,795,404 members, 6,677,392 topics. Date: Sunday, 16 January 2022 at 10:43 AM

Us Dollar Scarcity Is Disconnecting Nigeria From The World - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Us Dollar Scarcity Is Disconnecting Nigeria From The World (128 Views)

USSD: Telcos Insist On Disconnecting Banks / Dollar Scarcity Stops Capital Repatriation By Investors / When The Naira Was Stronger Than US Dollar (Throwback) (2) (3) (4)

(1) (Reply)

Us Dollar Scarcity Is Disconnecting Nigeria From The World by judejamy(m): 8:07pm On Oct 10, 2021
British Airways issues notice to travel agents: “I wish to inform you of British Airways intention to control their Global Distribution System inventory by removing all the lower classes from the GDS, leaving only the below classes to be sold and issued and we all know the cost implications to this: Economy Y, Premium Economy W; Business Class J; First Class F. This became necessary due to fluctuating and unstable exchange rate in Nigeria.”

Simply, BA and other foreign airlines plan to reduce the “total number of tickets they sell on Nigerian routes amid worsening dollar scarcity that has made it difficult for them to repatriate billions of naira in ticket sale proceeds to their head offices abroad”.

If the world cuts off Nigeria, that would be fearful because what that means is that we may not even have the airlines to fly to go and borrow more money. There is also rumour that some airlines now want to be paid in US dollars or pounds sterling; the Central Bank of Nigeria promised to investigate this planned “dollarization”. According to IATA, an industry association in the airline sector, Nigeria holds $143.8m which foreign airlines are struggling to repatriate due to dollar scarcity.

“It is worrisome that airlines in Nigeria can’t repatriate about $144m. Imagine if this situation is applicable to other countries, the industry will be in jeopardy. The government should know that without this repatriation, the airlines won’t be able to fund maintenance, operations, aircraft purchases, salaries and other commitments. The government has to seriously look into this and find a solution as this is embarrassing for a country like Nigeria.”

People, do not be surprised if these airlines go on “strike” in two years and magically we will be disconnected from the world. Do not wish for that as everything will collapse including the ability to visit IMF, World Bank, etc for more loans.


Re: Us Dollar Scarcity Is Disconnecting Nigeria From The World by hisgrace090: 8:56pm On Oct 10, 2021
Everything getting worst this days.

(1) (Reply)

How To Raise Money To Start A Profitable Business Or Learn High Income Skill / Introducing Ourwork.com.ng / Tukey

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2022 Oluwaseun Osewa. All rights reserved. See How To Advertise. 38
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.