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Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog - Business - Nairaland

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CBN Settles All FX Backlog As External Reserves Rise To $34.11 Billion / Nigeria Central Bank Clears 14 Banks' FX Backlog, Turns To Airlines / CBN Begins To Clear FOREX Backlog (2) (3) (4)

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Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by nlfpmod: 3:09pm On Mar 21
Against claims by the Central Bank of Nigeria (CBN) that it has successfully settled all outstanding foreign exchange (FX) obligations, foreign airlines say the status quo remains the same.

Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds.

If they say they have cleared the trapped funds, they should show us figures. They should tell us how much have been cleared. The last I checked, the status quo still remains the same,” Nwokeoma said.

Hakama Sidi Ali, acting director of corporate communications at CBN, on Wednesday disclosed in a statement that the financial regulator recently concluded the payment of $1.5 billion to settle obligations to bank customers, effectively settling the residual balance of the FX backlog.

But Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) told BusinessDay that CBN’s claim is true, adding that the airlines’ trapped funds have been cleared.

According to him, the foreign airlines have been offered the option to get their funds from the banks using the rate of the I & E window but have refused because the current I &E window rate is not the same they used to sell tickets.

Bernard said the airlines would be making losses if they collect the money using the I & E window, that is why they stopped selling low inventory tickets and are selling only very high fares in order to recover their monies that have been lost as result of the current exchange rate.

When asked why Emirates is yet to resume flight operations in Nigeria, he said “Emirates cannot resume flight operations because of the diplomatic row they have with Nigeria. The rich and powerful still find their way to Dubai.

The crimes Nigerians are committing in Dubai has made them refuse Nigerians from coming to Dubai. These crimes affect tourism. They do not want their country to be perceived as unsafe. Emirates still has their office in Nigeria and they have staff they are paying salaries,” he said.

Last year, International Air Transport Association (IATA) disclosed that Nigeria owes $812.2 million out of $2.27 billion trapped funds, making it the country with the highest trapped funds globally.

The top five countries that account for 68.0 percent of blocked funds include Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million).

https://businessday.ng/news/article/foreign-airlines-dispute-cbns-claim-of-settled-fx-backlog/

6 Likes 2 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by DevilsEqual(m): 3:12pm On Mar 21
cheesy

Some humanoids that didnt believe the positive news that CBN already cleared the backlog will come over here to rejoice over this rumour

If at 20+, all your mind tends to attract, all that interests your mind is negative happenings, if positive news are lies to u, then u need 365days of concentrated exorcism

You are gone

55 Likes 3 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by bigeliot(m): 3:14pm On Mar 21
Lie lie government

80 Likes 5 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by DrTee1(m): 3:14pm On Mar 21
I hope this would be clarified soon.

It would be unfortunate if the Federal Government claims to have offset Forex Backlog that is discovered not to be reflective of reality.

10 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by WIZGUY69(m): 3:15pm On Mar 21
That's their personal problem.
My own is for dollar to go back 2k if price of everything won't come down.
200 million greedy people
undecided

23 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by oyinkel(m): 3:15pm On Mar 21
Obidents let's celebrate....

5 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by paymentvoucher: 3:15pm On Mar 21
grin
Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by RealLordZeus(m): 3:15pm On Mar 21
Kingsley Nwokeoma, President, Association of Foreign Airlines and Representatives in Nigeria, (AFARN) told BusinessDay that as far as he is concerned, nothing has changed as regards clearing foreign airlines’ trapped funds.

1

But Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) told BusinessDay that CBN’s claim is true, adding that the airlines’ trapped funds have been cleared

2

Who do we believe

12 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by CountinBlessins(m): 3:15pm On Mar 21
When a government relies on propaganda more than I integrity . Stop employing online trolls to defend your nonsense online and fix the damn economy!
Lies and propaganda can only go so far.
Maybe Tinubu needs to sack his media aides, special advisers on media and the minister rof information.

All these people are making him look so bad with their kindergarten level propaganda

43 Likes 4 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by EleventhWeirdo: 3:15pm On Mar 21
Maybe their claims are part of the ones Cardoso termed as unsubstantiated. Only 0bidense mugus will rejoice over nothing

14 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by SoNature(m): 3:16pm On Mar 21
You cannot separate lies, propaganda and deceits from any APC government!

14 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by money121(m): 3:16pm On Mar 21
Ok
Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by nothingspoil70: 3:16pm On Mar 21
They want their money at subsidized rates.
Barawo!!!

8 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by socialmediaman: 3:16pm On Mar 21
When we tell you that this government is full of propaganda, you choose to believe their paid supporters and accomplices online who have been deceiving you since 2015 while the economy continues to struggle

Open your eyes!

20 Likes 2 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by stano2(m): 3:16pm On Mar 21
Naija na headquarters of lies and confusion

12 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by LagosFirstSon: 3:17pm On Mar 21
We knew the government lied and cardoso the biggest failure of all CBN governors

12 Likes 2 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Jarchi(m): 3:17pm On Mar 21



° Brodaman, He didn't say they didn't clear it, why are reporters like this self?
He is just stating the disadvantage of what the CBN is doing to them with the I & E window. These are the real cause of the problem, they want cheap dollar at the expense of the whole country economy, same thing Buhari did for Dangote, yet with all the promises we no see 1 single drop of PMS.
Don't subsidize to a select few abeg, Oga Yemi, weldone.

Make them open border for rice and others too, make we see front, naija people are crazy opportunist, dollar dey come down but prices are .... Naxo dem spoil Dubai for innocent citizens

They didn't say they cleared naira backlog, all these 460 debate no sell, 1 dollar na 1 dollar, na naira get k leg abeg. °
***Jarchi***


9 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by frankmoney(m): 3:17pm On Mar 21
Lies upon lies.

Which day this government go talk true

5 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Yankee101: 3:19pm On Mar 21
Story don enter
Tinubu and his 419 boys
Propaganda is not an economic policy

5 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Ofunaofu: 3:19pm On Mar 21
The greatest undoing of this Tinubu's regime is not the calamitous economic policies, but its penchant to dish out propaganda.

6 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by edungene7: 3:19pm On Mar 21
believe anything from this demonic government at your own peril

5 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by id4sho(m): 3:19pm On Mar 21
tongue
Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by LordAdam16: 3:21pm On Mar 21
Wait, so the foreign airlines sold tickets at rate of <460.
You trapped their funds for years.
And now you're asking them to repatriate at rate of 1400-1600.

Cardoso is unwell.

-Lord

12 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by gaby(m): 3:21pm On Mar 21
Mtcheww

Oya oh, machineries of propaganda, work Don show for una.

2 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by wman(m): 3:21pm On Mar 21
I knew this would happen. Government of propaganda, conspiracy theories and half-truths.

6 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by arcis: 3:22pm On Mar 21
bigeliot:
Lie lie government

Mumu, so you believe an individual over what CBN said, all verified claims has been paid..if the Igbo boy has not been pay, let him go to CBN..They are part of Nigeria problem...Enemies of Nigeria are always happy to hear bad news about Nigeria but God go shame all of you soon.

12 Likes 2 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by socialmediaman: 3:23pm On Mar 21
DevilsEqual:
cheesy

Some humanoids that didnt believe the positive news that CBN already cleared the backlog will come over here to rejoice over this rumour

If at 20+, all your mind tends to attract, all that interests your mind is negative happenings, if positive news are lies to u, then u need 365days of concentrated exorcism

You are gone

Hahahahaha Why are you spending too much energy trying to control the minds of people and defend a government inflicting suffering on its citizens? Doesn’t a good product sell itself?

9 Likes 3 Shares

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Geovanni412(m): 3:23pm On Mar 21
RealLordZeus:


1



2

Who do we believe



Believe the businessman

Never ever believe the politician

6 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Racoon(m): 3:24pm On Mar 21
So foreign airlines are to get their long-earned dollars which you hijacked @ subsidized rates? Government full of chronic irredeemable liars and criminals.

8 Likes 1 Share

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by seborrhic: 3:24pm On Mar 21
SoNature:
You can you separate lies, propaganda and deceits from any APC government!
Can't you mean

1 Like

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by Bona2venture: 3:25pm On Mar 21
[quote author=DevilsEqual post=129038647] cheesy

Some humanoids that didnt believe the positive news that CBN already cleared the backlog will come over here to rejoice over this rumour

Mtchew

2 Likes

Re: Foreign Airlines Dispute CBN’s Claim Of Settled FX Backlog by ZombieTAMER: 3:25pm On Mar 21
bigeliot:
Lie lie government

Tinubu means lie in French

3 Likes

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