Forex Shortage Hits Airlines as $575m Gets Stuck in Nigeria"

Airline operators in Nigeria have started feeling the negative
impact of the current foreign exchange policy of the federal
government, as they have an estimated build-up of $575 million
held in the country, which they are unable to repatriate, according
to the Financial Watch.

Experts said this development might result in a drop in
investments and loss of jobs in the country’s aviation sector, as
many airlines may be faced with the option of laying off staff.
The National Union of Air Transport Employees (NUATE) warned
last month that about 2,000 Nigerian aviation workers might be
sacked by foreign airlines.

This is because airlines are unable to transfer their earnings to
their home countries to meet operational costs, in accordance
with international aviation industry rules.

The acting General Secretary of NUATE, Olayinka Abioye, called on
the federal government to intervene in the situation and prevent
the anticipated job losses in the sector.