THE refusal of the Central Bank of Nigeria (CBN) to exempt foreign carriers from its forex policy has claimed its first casualty, with Iberia Airline pulling out of Nigeria.

According to information gathered late Tuesday, Iberia, the Spanish national carrier, was said to have taken the decision, in view of the financial predicaments brought upon it by the CBN forex policy, which prevented it from repatriating its proceeds made in Nigeria for many months now.

Since the introduction of the policy, the foreign airlines have over $500 million trapped in the various banks which they ought to have repatriated to their various home countries.

Prior to the decision of Iberia, many of the foreign carriers had expressed their displeasure at the CBN policy, with many threatening to withdraw their services from Nigeria if nothing was urgently done to reverse it.

Information gathered on Tuesday indicated that apart from Iberia, other foreign airlines had concluded plans to equally pull out of the country.

In view of the latest development, the foreign carriers are expected to meet with Vice-President Yemi Osinbajo in Abuja, today.


http://www.tribuneonlineng.com/forex-policy-iberia-withdraws-services-from-nigeria

We are just beginning to see what it is like to have a complete dullard as preesident

...And it gets worse

okosodo:
We are just beginning to see what it is like to have a complete dullard as preesident

Before you deceive yourself, what the regional manager (Kola) said was the dwindling number of passengers from Lagos to Madrid which is their hub has drastically reduced. He never mentioned forex as an excuse.

Please, deceive nigeria

Guinness sacked hundreds of their workers nationwide yesterday because of this same forex issue....i know zombies like you will start to give excuse that guinness don't sell...when will you guys accept the fact that Buhari is a failure...Even if you are sacked today or your father is sacked today because of the current economic woes..you would still be online giving excuses for Buhari as a zombie you ba nam

amaechi1:


Before you deceive yourself, what the regional manager (Kola) said was the dwindling number of passengers from Lagos to Madrid which is their hub has drastically reduced. He never mentioned forex as an excuse.

Please, deceive nigeria

For those who'd come here to chat bollocks ithout understanding wwhats happening here. . .you guys need to slam the brakes.

I'm not a Buhari fan but I'm in total spport of denying these organisations forex.

What Iberia and other foreign companies do inclding MTN, yes, MTN is that they willfully without hesitation send their profit back to their HQ's. It is for this reason many of these companies refuse to hav permanent staff. Instead, they hire contract staff ad subject them harsh realities. In the event of any problem such as the one nigria is currently facing, rather than tough it out they pick the Easy route which is lock up shop and leave

There pulling out of the country can be blessing to air peace, the propose national carrier