{"id":44149,"date":"2022-08-01T02:05:58","date_gmt":"2022-08-01T02:05:58","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=44149"},"modified":"2022-08-01T02:06:04","modified_gmt":"2022-08-01T02:06:04","slug":"emirates-airlines-sets-to-cut-operations-in-nigeria-due-to-forex-crisis","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/emirates-airlines-sets-to-cut-operations-in-nigeria-due-to-forex-crisis\/","title":{"rendered":"Emirates Airlines sets to cut operations in Nigeria due to FOREX crisis"},"content":{"rendered":"

Emirates Airlines has said it will reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue, Channels TV<\/a> reports.<\/p>\n\n\n\n

According to Channels, <\/a>the airline made this known in a letter addressed to the Minister of Aviation, Hadi Sirika.<\/p>\n\n\n\n

The letter, dated July 22, was signed by Emirates airline\u2019s divisional senior vice-president (DSVP), international affairs, Sheik Majid Al Mualla.<\/p>\n\n\n\n

Emirates said the planned reductions in its operations in Nigeria would take effect from August 15.<\/p>\n\n\n\n

It added that flights would be reduced from 11 per week to seven at the Murtala Muhammed International Airport (MMIA).<\/p>\n\n\n\n

\u201cWe have had no choice but to take this action, to mitigate the continued losses Emirates is experiencing as a result of funds being blocked in Nigeria,\u201d the letter said.<\/p>\n\n\n\n

\u201cAs of July 2022, Emirates has US$ 85 million of funds awaiting repatriation from Nigeria. This figure has been rising by more than $US 10 million every month, as the ongoing operational costs of our 11 weekly flights to Lagos and 5 to Abuja continue to accumulate.<\/p>\n\n\n\n

\u201cWe simply cannot continue to operate at the current level in the face of mounting losses, especially in the challenging post-COVID-19 climate.<\/p>\n\n\n\n

\u201cEmirates did try to stem the losses by proposing to pay for fuel in Nigeria in Nairas, which would have at least reduced one element of our ongoing costs, however, this request was denied by the supplier.<\/p>\n\n\n\n

\u201cThis means that not only are Emirates\u2019 revenues accumulating, we also have to send hard currency into Nigeria to sustain our own operation. Meanwhile, our revenues are out of reach, and not even earning credit interest.<\/p>\n\n\n\n

\u201cYour Excellency, this is not a decision we have taken lightly. Indeed, we have made every effort to work with the Central Bank of Nigeria (CBN) to find a solution to this issue. Our Senior Vice-President met with the Deputy Governor of the CBN in May and followed up on the meeting by letter to the Governor himself the following month, however no positive response was received.<\/p>\n\n\n\n

\u201cMeetings were also held with Emirates\u2019 own bank in Nigeria and in collaboration with IATA to discuss improving FX allocation, but with limited success. Despite our considerable efforts, the situation continues to deteriorate. We are now in the unfortunate position of having to cut flights, to mitigate against further losses going forward.\u201d<\/p>\n\n\n\n

\u201cWe are confident that your valuable involvement would make a real difference in improving this very difficult situation. Should there be any positive development in the coming days, we will, of course, re-evaluate this decision.\u201d<\/p>\n\n\n\n

Source<\/a><\/p>\n\n\n

\n <\/div>\n","protected":false},"excerpt":{"rendered":"

Emirates Airlines has said it will reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue, Channels TV reports. According to Channels, the airline made this known in a letter addressed to the Minister of Aviation, Hadi Sirika. The letter, dated July 22, was signed by Emirates airline\u2019s […]<\/p>\n","protected":false},"author":2,"featured_media":19910,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[1478],"class_list":["post-44149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","tag-emirates-2","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\nEmirates Airlines sets to cut operations in Nigeria due to FOREX crisis - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/emirates-airlines-sets-to-cut-operations-in-nigeria-due-to-forex-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirates Airlines sets to cut operations in Nigeria due to FOREX crisis - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Emirates Airlines has said it will reduce its flight operations to Nigeria due to its inability to repatriate about $85 million in revenue, Channels TV reports. 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