Why foreign airlines are planning to boycott Nigeria.

  
In response to the Central bank of Nigeria, CBN, barring access to 41 items, foreign airlines in Nigeria have threatened to cut flights into the country due to the apex bank’sinability to remit N597bn, representing $3bn of ticket sales proceeds.
It had earlier been reported that most of the foreign companies had taken alternative routes to Ghana with some planning presently planning to leave due to Government’s negligence regarding electricity, forex among others.
Pandemonium earlier broke out as Virgin Atlantic Airways was reported to have laid off not less than 20 of their air-hostesses with plans to completely pull out of Nigeria’s route.
The foreign airlines lamented that several request have been made on their behalf by the commercial banks for several months on forex accessibility yet the CBN Governor, Godwin Emefiele rebuffed such pleas.
The situation has made many home offices of some of the foreign carriers to start mulling the idea of reducing flight frequencies into Nigeria.
A country manager of a top foreign carrier, who spoke under condition of anonymity, said, “We can’t continue like this.
“Some carriers are mulling plans to reduce flights into Nigeria. In the past eight months, we can’t repatriate our ticket sales proceeds to our head offices; all the foreign airlines have close to $3bn in unremitted ticket sales proceeds pending in the country now.
“We have made several applications, but no forex is given to us. Sometimes, some airlines get only $1m approved from a request of say $10m made in some months,” the official added.

According to the PUNCH, findings show each of the 25 foreign carriers flying into the country had outstanding ticket sales proceeds ranging from $50m to $150m over the past seven to eight months.
There have been calls for the removal of restrictions on forex on essential services over fears investors may be scared away and the situation seems dire.
Some Nigerians who had reacted to several CBN policies that are counterproductive said, “The idea of reducing the debit card limit to $50,000 per person per annum is discomforting.
“I travel out often to get items for my trade and that aside; I spend money on vacations using a Naira debit card.
“So with this new limit on debit card, how am I going to keep up with my business and personal foreign exchange needs while I am overseas? I wish the implementation of the policy could be re-adjusted if possible to help businessmen like me.

A businessman, Mr. Lekan of LakeSide Clothing said, “I am not comfortable with the reduction, because I travel overseas to purchase most of what I sell in my stores.
“I make use of my debit card for shopping whenever I travel abroad, and I travel more than once in a year. So this new limit will disrupt my business plans.”
Meanwhile, CBN in reaction had insisted that the policy would help curb money laundering as well as foster a favourable environment for smaller indigenous industries to compete.