The Central Bank Governor, Godwin Emefiele, has stated that the UAE is threatening a visa ban due to airline funds being trapped in Nigeria.
Mr Emefiele stated during an interactive session hosted by House Speaker Femi Gbajabiamila that the CBN released $110 million to foreign airlines in August and plans to release another $120 million on October 31st.
It should be noted that the Gulf country has reportedly ceased issuing visas to Nigerians in recent weeks.
Also, keep in mind that Emirates is owned by the UAE government.
The CBN governor stated that Nigeria has prioritized foreign airlines in the allocation of foreign currency over the years, and that instead of bearing with the country, some countries are threatening to ban Nigerians.
“You will be saying either you are cancelling your visa to Nigerians or that you will not fly again because your funds are blocked.
“We used our discretion to allocate $265 million dollars to the foreign airlines, broken down into spot and forward. We did $110 million on the spot and the rest in 60days forward.
“On that day, we allocated to IATA $32 million through UBA. Qatar Airways, $22.8 million through Standard Chartered, Emirates, $19.6 million through Access Bank, British Airway; $5.5million through GTB, Virgin Atlantic, $4.8 million through Zenith and others,” he said.
In response, Rivers State lawmaker Boma Goodhead said Nigeria has no reason to be concerned about the visa ban. She stated that Nigeria benefits the UAE more.
She stated that if the UAE is allowed to stay for a year without receiving tourists from Nigeria, they will reconsider.
Emirates Manager for Nigeria, Paulos Legesse, stated that the airline is unaware of the visa ban; however, the airline will suspend operations in Nigeria on October 28 due to the country’s inability to retrieve its funds.