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The Central Bank of Nigeria (CBN) says there is no law mandating it to provide dollars to foreign airlines

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The Central Bank of Nigeria (CBN) says there is no law mandating it to provide dollars to foreign airlines operating in the country. 

The CBN Governor, Mr Godwin Emefiele, made this known yesterday while fielding questions from journalists after the monetary policy committee’s meeting at the CBN headquarters in Abuja.

The Development comes amid the foreign exchange crisis, which led to the inability of foreign airlines to repatriate funds.

The International Air Transportation Association said foreign airlines’ funds trapped in Nigeria increased from 450 million Dollars in May to 464 million dollars in July.

The apex bank later released 265 million Dollars to airlines operating in the country to settle outstanding ticket sales. 

According to Emefiele, the CBN is determined to help airlines to clear the forex backlog.

He said the bilateral air services agreement did not mandate foreign airlines to repatriate all their dollar earnings out of the country. 

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