January 22, 2018

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Airlines buying forex at interbank rates – CBN

Airlines buying forex at interbank rates – CBN

The Central Bank of Nigeria has described claims by some airlines that they are unable to access foreign exchange to repatriate the proceeds of their operations as untrue.

A number of airlines operating on international routes from the country had claimed that their inability to access forex was hampering their operations and was responsible for the increase in airfares, in some cases by as much as 100 per cent.

But the CBN said it had been selling forex to the airlines through the commercial banks at the interbank rate. The spokesperson for the apex bank, Isaac Okoroafor, told our correspondent on the telephone that anyone in doubt as to whether the airlines had been accessing forex or not should go through the published statements of sale by the banks. Read more

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