CBN, Governor, Godwin Emefiele, cautioned the foreign airlines against blackmailing the country, stressing that the apex bank doesn’t and cannot print dollars.
Speaking during a meeting between the House of Representatives, International Air Transportation Association (IATA), Airlines Operators of Nigeria (AON), and representatives of the federal government, Emefiele noted that it was unacceptable for foreign airlines to resort to “blackmail” against the country because of their trapped funds.
He said: “Everyone is calling on CBN to release blocked funds, and I am doing everything I can to provide dollars for you to repatriate your money.
“We used our discretion to allocate $265 million to the foreign airlines, broken down into spot and forward. We did $110 million on the spot and the rest in 60 days forward.
“On that day, we allocated to IATA $32 million through UBA. Qatar Airways, $22.8 million through Standard Chartered; Emirates, $19.6 million through Access Bank; British Airway, $5.5 million through GTB; Virgin Atlantic, $4.8 million through Zenith and others.
“How then can they go about and begin to say that they have not received money? This is an extra allocation. This is something I have told you (foreign airlines) that we will continue to do so that you will not blackmail the country. $120 million will be due on the 31 of October.
“I can print naira, even though I have been accused of over-printing naira, but I cannot print dollar. We have to either earn it or borrow it.
“Foreign airlines should respect the bilateral aviation services agreement (BASA) as it will tackle the problem of unrepatriated funds.
“When you allow Nigerian airlines to fly in your country, what the airlines will do is charge naira as we expect foreign airlines to charge. You cannot be flying 21 flights into Nigeria and you do not allow Nigerian airlines to land in your country and when they land, you intimidate them with sniffer dogs and do not allow them to carry out maintenance checks.”
