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

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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.

https://www.tekedia.com/us-dollar-scarcity-is-disconnecting-nigeria-from-the-world/

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

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