Foreign airlines in Nigeria say they do not support patronising the investors and exporters (I&E) window for foreign exchange (FX) transactions.
The airlines, under the aegis of the Association of Foreign Airlines and Representatives in Nigeria (AFARN), said they do not back the use of the I&E window because of the fluctuations in the rates.
Kingsley Nwokoma, president of AFARN, disclosed this on Thursday while speaking to TheCable.
“The issue is that the foreign airlines do not align with going to the investors and exporters (I&E) window to get their money because of the rates. Moreover, they believe that they have signed a bilateral air services agreement (BASA) that should be agreed upon,” Nwokoma said.
However, on September 28, 2022, Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), said there is no law mandatingthe regulator to provide dollars to foreign airlines operating in the country.
Emefiele told the foreign airline operators to inform their banks, where their ticket proceeds are deposited, to buy FX on their behalf from legitimate or approved sources, one of which is the I&E window.
He said the purchase of the dollars by the bank would enable the foreign airlines to exchange their ticket sales proceeds for the FX.(the Cable)
