{"id":26060,"date":"2022-08-19T17:59:46","date_gmt":"2022-08-19T12:29:46","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=26060"},"modified":"2022-08-19T18:11:31","modified_gmt":"2022-08-19T12:41:31","slug":"emirates-airline-suspends-all-flights-to-nigeria-from-next-month","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2022\/08\/19\/emirates-airline-suspends-all-flights-to-nigeria-from-next-month\/","title":{"rendered":"Emirates Airline suspends all flights to Nigeria from next month"},"content":{"rendered":"\n

Dubai-based airline to halt services from September after being unable to move reported $85mn out of the country.<\/strong><\/p>\n\n\n\n

Emirates Airlines<\/a> plans to suspend all flights to and from Nigeria because of an inability to repatriate funds out of the country, the carrier told on Thursday. The Dubai-based airline is suspending services from September 1 after securing no progress in its efforts to move funds, said to be $85mn, out of the west African country.<\/em><\/p>\n\n\n\n

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Emirates Airlines | Aviationa2z.com<\/strong><\/figcaption><\/figure>\n\n\n\n

\u201cEmirates has tried every avenue to address our ongoing challenges in repatriating funds from Nigeria <\/a>and have made considerable efforts to initiate dialogue with the relevant authorities for their urgent intervention to help find a viable solution,\u201d Emirates stated in a report.<\/p>\n\n\n\n

\u201cThere has been no progress.\u201d The Gulf carrier told it would re-evaluate its decision if there were positive developments in the coming days. Nigeria\u2019s central bank has implemented tight foreign currency controls as it seeks to ease pressure on its dwindling reserves.<\/p>\n\n\n\n

Ninety percent of Nigeria\u2019s foreign exchange earnings arrive from oil exports, but production has dipped below its daily Opec quota because of theft, pipeline vandalism, and a lack of infrastructure, even as oil prices rise following Russia\u2019s invasion of Ukraine.<\/p>\n\n\n\n

Nigeria\u2019s central bank operates multiple exchange rate windows, including an importer and exporter window, where big institutions access dollars for their business.<\/p>\n\n\n\n

Ikenga Kalu, a foreign exchange trader at Aza Finance, a forex facilitating company in frontier markets, told Emirates\u2019 decision was because the central bank failed to meet the demand for dollars by many institutions operating in Nigeria.<\/p>\n\n\n\n

Emirates\u2019 suspension of its activities was not \u201cthe best signal\u201d to foreign companies who invest their dollars in Nigeria, he told.<\/p>\n\n\n\n

Emirates announced<\/h2>\n\n\n\n

He warned other foreign entities with Nigerian operations could follow suit and suspend their business in the country until there was an alignment in all the various foreign exchange windows and the market began trading freely again.<\/p>\n\n\n\n

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