Business

Nigeria Tops With $812.2m As Airlines’ Unrepatriated Funds Hit $2.27bn – IATA

Published

2 years ago

June 5, 2023

The International Air Transport Association (IATA) has revealed that Nigeria tops the list of countries in which airlines’ funds blocked from repatriation account for 68% worldwide.

IATA said the airlines’ funds blocked from repatriation increased from $1.55 billion in April 2022 to $2.27 billion in April 2023.

The association warned that the rapidly rising levels of airline funds blocked from repatriation pose a danger to airline connectivity in the affected markets, as it said the increase amounted to 47%.

“Airlines cannot continue to offer services in markets where they are unable to repatriate the revenues arising from their commercial activities in those markets,” IATA’s Director-General Willie Walsh said in a statement.

He disclosed that governments need to work with industry to resolve this situation so airlines can continue to provide the connectivity that is vital to driving economic activity and job creation.

The air transport association listed the countries with the highest debts as Nigeria ($812.2 million), Bangladesh ($214.1 million), Algeria ($196.3 million), Pakistan ($188.2 million) and Lebanon ($141.2 million).

Walsh also urged governments to abide by international agreements and treaty obligations to enable airlines to repatriate the funds arising from the sale of tickets, cargo space, and other activities.

Business

Naira Records Massive Week-on-week Depreciation Against US Dollar

Published

9 hours ago

November 23, 2025

Editor

The Nigerian Naira recorded massive week-on-week losses against the United States dollar at the official foreign exchange market.

The Central Bank of Nigeria’s exchange rate showed that the Naira dipped significantly to end the week at N1,456.73 on Friday, November 21, 2025, down from N1,442.43 traded on November 14.

This means that on a weekly basis, the Naira shed N14.06 against the dollar at the official market.

Business

Naira Appreciates Against US Dollar After Highest Dip

Published

3 days ago

November 21, 2025

Editor

The Naira bounced back, recording an appreciation against the United States dollar at the official foreign exchange market after hitting its lowest point this week.

Data from the Central Bank of Nigeria showed that the Naira strengthened to N1,452.13 on Thursday, up from N1,454.19 traded on Wednesday.

This represents a gain of N2.06 against the dollar on a day-to-day basis.

Meanwhile, in the black market, the Naira depreciated by N5 to N1,470 per dollar on Thursday, down from N1,465 recorded the previous day.

The apex bank’s data indicated that the country’s external reserves continued to rise, standing at $44.12 billion as of 19 November 2025, despite the mixed sentiments in the currency exchange market.

Recall that on Wednesday, the Naira recorded its highest depreciation against the dollar at the official FX market.

Business

Naira Records First Appreciation Against US Dollar As Foreign Reserves Hit $46.7bn

Published

4 days ago

November 19, 2025

Editor

The Naira recorded its first appreciation against the United States dollar at the official foreign exchange on Tuesday this week.

The Central Bank of Nigeria’s data showed that the Naira strengthened on Tuesday to N1,447.43 per dollar, up from N1,448.03 exchanged on Monday.

This means that the Naira gained N0.6 against the dollar on a day-to-day basis.

Meanwhile at the black market, the Naira remained unchanged at N1,465 per dollar on Tuesday, the same rate exchanged on Monday.

Checks on Nigeria’s foreign reserves showed that it has risen to $43.97 billion as of November 17th, 2025, according to the Central Bank of Nigeria’s data.

Meanwhile, the apex bank governor, Olayemi Cardoso, in an event on Tuesday, said the country’s foreign reserves rose to a seven-year high of $46.7 billion as of November 14.