Saturday, 28 May 2016

BRITISH AIRWAYS THREATENS TO LEAVE NIGERIA

BRITISH AIRWAYS



British Airways  has threatened to leave Nigeria over the lack of dollars .the management of british airways complained of low value of Naira and the inability of foreign carriers to repatriate their revenues.
According to reports,  foreign airlines funds trapped with the Central Bank of Nigeria (CBN) was about $575 million as at March 31, 2016,and there are strong indications that the airlines would lose substantial value of this money with the devaluing of the Naira by the federal government which has become imminent.
The United Kingdom carrier is struggling to repatriate its share of the $575m that Nigeria currently owes to airlines globally from tickets sold, according to the Country Manager for British Airways and Iberia in Nigeria, Mr. Kola Olayinka.
“Exiting Nigeria is a very big decision” and “not taken lightly” following London-based British Airways' 80 years of operations in the country, Olayinka said. “I believe very strongly that we will keep evaluating the situation, but I can assure you, BA is very committed to Nigeria.” The government is assessing the situation, while the CBN Governor, Mr. Godwin Emefiele, has suggested a flexible exchange rate regime that would end the naira's peg to the US dollar, Olayinka said. The IAG is awaiting details of the policy “so that we can start the process of rebuilding,” he said.
On May 12 ,2016 , Spanish Airline ,Iberia airline pulled out Nigeria due to instability of the economy and low turn out of passengers.

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