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

By the time other Airlines join suit, how will Aisha Buhari be traveling to London for her Lectures every Morning? O boy Problem dey O……..

Investors leaving
Jobs cut
Gala size don reduce
Salaries cut
Garri don go up
House rent don go up
Feul is apparently not subsidized N150
Transport fare don add extra 100 naira
Local companies are declaring bankruptcy
Vibrant startups are struggling and winding up
Companies have comprised quality standards to stay afloat.


Nigeria must be paying for the sin of whole world.

This change no be wetin we vote for

TPAND:
Investors leaving
Jobs cut
Gala size don reduce
Salaries cut
Garri don go up
House rent don go up
Feul is apparently not subsidized N150
Transport fare don add extra 100 naira
Local companies are declaring bankruptcy
Vibrant startups are struggling and winding up
Companies have comprised quality standards to stay afloat.
Nigeria must be paying for the sin of whole world.
This change no be wetin we vote for

This is what you call destruction of our economy. What it took PDP to build for 16 years is being destroyed by gutter economics.

The fact that oliseh analysed and criticised every step of keshi doesn't mean he can do the job.

Apc saw nothing good in pdp especially gej lead govt. Doesn't mean they (apc) can govern.

My mind is at rest I didn't vote for apc as a matter of fact I knew this could happen.

Iberia Withdraws Services From Nigeria...

Hmmmmm

Hmm A few days ago TransferWise Stopped Money Transfers to Nigeria

good

Instead of creating more jobs, they are increasing the unemployment rate.....

Na wa ooo

Buhari's body language, corrupt airline flee Nigeria - Lai Mohammed

Okay

Unemployment

Nothing they happen....who iberia help?......

Change is not easy. It goes through a painful process. If you want change,be ready to suffer a bit. Nigeria is undergoing the right process and at some point,her citizens will realize it.

"E to ri n Lankan" that is what boooo turn is to... www.themafrica..com

this iberia name sef,i dont think many of us know them oh.

Make them go, another airline will come

Pidggin:
This is what you call destruction of our economy. What it took PDP to build for 16 years is being destroyed by gutter economics.

Did you really say this?

My goodness!

In reality what you are seeing is the effect of 16 years of PDP misrule and devastation. We had years of plenty and we didn't prepare. How do you expect us to fare in the years of famine?

Nigerians want short term solutions and that is what got us in this sad situation. That is why our politicians are able to hoodwink us and rob us of our heritage. They dine fat on our wealth and throw crumbs at us because we don't demand for better. We live for today, not for tomorrow.

We need change, but it must start from the mind first. That's the most important change.

Dis is serious o.

[b][/b]na WA o

Iberia, d reason dey left for self is just be'cos of greed, they came to the country to work n at d end return all their proceeding dey make back to their country for development n where dey made d money frm nothing to show for it. Make dem go greed pple, another pple go come. Make CBN tighten d forex policy more self so dat all those greed goat go leave, make beta pple com

Let them go.

HA...The International Aviation Travel Molue is Gone?!! So now they won't get the chance to steal and misplace bags and gift items bought by passengers? Chai. They won't be able to look down on you with disdain when you want to claim your rights over a bad customers service or loss/misplacement of luggage? But Nigeria why?

I won't miss Iberia. Another airline? Yes. Iberia? No! The only reason people fly Iberia is because it is just cheap. I will choose Turkish over them any day!

Please they should pull out and perhaps let us all sit-down and work on getting a new national carrier out of necessity. But again, Nigerian's will only see this as an opportunity to loot.

As usual,we all know anything that happens to Nigeria and Nigerian's is always by their own (wrong) doing and through their greed and "long throat".

That is the destruction pdp left that is facing our economy. There is no other means to face it. The other way is to mortgage our future through express borrowing but PMB didn't want short term solutions. Pray for him and leave accumulated sentiments aside.

Perhaps they should consider taking Chinese yuan.

Innoson should tap into this opportunity and start building passenger aircraft's for local and international route

Iberia is kwarupt! We don't give a damn!!!

#inthezombiesvoice

Apc bubuhari met an economy n a country dat is not as worst as it is right nw wat a shame zombies n those tribal n riligious begots who brot dis wicked clueles daura ediots to rule us a president dat cant acess or operate a computer nigeria i weep for thee but i bliv God has a greater plan for us soon we will all c the reward of the betrayals n d wicked

Useless airline

Just watch as 'ultimate defenders' will invade this thread and call this development a good one, they will call all these international airlines thieves for complaining about the difficulty in converting their profits to dollars. Hailers will say 'let them go, we don't need them' as if a nation can grow in isolation. How will our economy grow when foreign investors aren't coming and the few ones we have are leaving? The implication of this development;
1. Job loss for the workers.
2. The remaining airlines will probably inflate their prices.
3. This decision may force others follow same path.
4. News like this further discourages foreign investors from coming to Nigeria.

Which foreign investors will come to Nigeria when you know you can't convert your profits to dollars?

I'm still battling to know how any news of foreign investors leaving our shore is a good news, but many will hail this just to always support govt policies even when it hurts the economy.
I see comments like 'Good one, let Nigeria n companies take over' Tell me how has Iberia airline been stopping interested Nigerians from operating international airlines?

It's not a crime when foreign investors come to Nigeria, they pay taxes. Remember also that we gave many Nigerians investing in other countries also, Dangote is an example. We should stop celebrating news of foreign investors leaving as if they are good news. Foreign investors don't stop interested Nigerians. Intact, the more the merrier, there will be healthy competitions when there are many investors, both local and int'l, prices will drop, there will not be monopoly, unlike when there will be few investors when others are leaving Naija.