Kenya Airways has joined Emirates in raising an alarm over its inability to repatriate $28m (N11bn) from Nigeria, Ethiopia, and Malawi over an extended period of time as the forex scarcity hitting the nation bites harder.
Emirates had earlier announced suspension of its operations to Nigeria from September 1, 2022, following its inability to repatriate $86m from Nigeria, despite several efforts and dialogue with the FG.
In a BBC report, Kenya Airways also revealed its operations had suffered the impact of high fuel prices and forex scarcity in Lagos and Addis Ababa, leading to a loss of $82m (£70m) in the first half of 2022.
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The news comes on the heels of the revelation by the International Air Transport Association, IATA, that up to $464m belonging to foreign airlines is stuck in Nigeria.
Foreign Airlines are expected to sell tickets to Nigerians in Naira, which is subsequently converted to US dollars, but as the forex shortage continues to bite deeper, withdrawal of such funds has become difficult.