Emirates airline suspended flight operations to Nnamdi Azikiwe International Airport, Abuja since October 22, 2016. “Emirates has huge money in naira at the banks. It cannot repatriate its sales because it cannot buy dollars. This is having negative effect on their operations,” Emirates.
This is because of the uncertainty in foreign currency repatriation policy of Nigeria, which has led to a loss of 90 billion Naira by most foreign airlines in the previous year on account of repatriating 870 million Dollars stuck in the economy then released recently after the devaluation of the naira.
After the devaluation, the 870 million Dollars that was gathered from sold airlines’ ticket then exchange rate was still at N196 to a dollar,which was taken out of Nigeria at new rate of N320 to a dollar, leading to the drastic loss of a money.
The Nigerian aviation sector has always struggled with the many unfriendly Forex policies of Central Bank of Nigeria.
At the main time Emirates has issued a warning to the Aviation sector that if there is no change after the suspension of flights to Abuja, Emirates would be left with no other option than to suspend Lagos operations permanently and exit from the Nigerian market.