Nigeria's "dollar shortage" hits airlines
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Civil Aviation Resource Network September 19, 2022 News: Today, the supply of U.S. dollars in Nigeria is so tight that even major international airlines are struggling to repatriate revenue from ticket sales. Emirates has announced that it will suspend flights to and from Nigeria from September until the Central Bank of Nigeria releases $265 million of the $464 million (which Emirates claims is sitting on) in dollar reserves to resume flights to Lagos. flight.
Forex traders and investors say Nigeria's longstanding dollar shortage has recently plunged into crisis. Businesses operating in Nigeria often complain about dollar shortages. Officially trading at 421 naira to the dollar, but has fallen to 700 naira to the dollar in parallel markets, with rumors that the naira could weaken further.