The National Association of Nigeria Travel Agencies (NANTA) has urged the Central Bank of Nigeria (CBN) to clear the outstanding funds of foreign airlines trapped in Nigeria while urging the International Air Transport Association (IATA) to lower fares.
Noting that the association and Nigerian travellers bear the major brunt of the impact of the trapped funds, the President of NANTA, Yinka Folami, in Lagos, said: “We sincerely urge the CBN to help clear the balance of $19 million owed the foreign airlines. We also expect the foreign airlines to reciprocate by being receptive in lowering fares and also to work collaboratively to stop the migration of Nigerian travel trade opportunities to cross border trading.”
Folami urged IATA to be more sensitive to the issues of point of sales and the worrisome shrinking Nigerian market driven by the pattern of application of ROE by IATA.
Stating that it, unintentionally, drives speculation, encourages parallel market purchases and pressure on the naira, he noted: “We believe and trust that IATA can be more circumspect and supportive to check these trends and also show commitment to supporting our government and businesses as they have done elsewhere. This government has lived up to its promises and deserves support from foreign partners to ensure that our people and businesses are treated with the same measure of respect and commitment to shared objectives.”
Impressed with the strategic intervention of the federal government through the CBN, the Ministry of Aviation and Aerospace Development, the Nigerian Civil Aviation Authority (NCAA) and the Federal Competition and Consumer Protection Commission (FCCPC), Folami said the synergy and collaboration contributed to the current stability in the travel and trade market.
He also commended the federal government and its relevant agencies for the speedy resolution of the trapped funds of foreign airlines in the country, noting that the gesture would improve confidence in the Nigerian market.
