Skip to main content

Forex Concession: NCAA charges airlines to improve operations

The Nigerian Civil Aviation Authority

The Nigerian Civil Aviation Authority

The Nigerian Civil Aviation Authority (NCAA), has advised airline operators to operates with renewed vigour having secured a special sectoral Foreign Exchange (Forex) allocation in the Secondary Market Intervention Sales (SMIS).

Capt. Muhtar Usman, the Director-General of NCAA), gave the advice in a statement issued on Sunday in Lagos.

The forex concession was recently granted to the airlines by the Central Bank of Nigeria (CBN) as a result of the intervention of the Minister of State for Aviation, Sen. Hadi Sirika.

The statement said: “This is to further engender market confidence, ensure access to forex by the airlines and sustain the integrity of the Nigerian Inter-bank forex market.

“The CBN has resolved pursuant to the minister’s show of concern to intervene in the inter-bank forex market through forward settlement.

“For clarity, the SMIS retail is an important one-off exercise dedicated to the clearance of the backlog of matured forex obligation for airlines’’.

According to the statement, this success is another step ahead in seamless operations in the aviation industry.

“It is expected that this is a major window for those airlines that had earlier ceased their operations to recommence in earnest.

“Therefore, with this intervention comes a landmark incentive for both local and foreign operators to carry out safe, secure and lucrative operations in Nigeria.

“In addition, all scheduled and mandatory checks which are done in the Diasporas will be undertaken with this leverage at a reduced cost.

“The NCAA therefore, expects the foreign operators to carry out their operations with renewed vigour,’’ the statement said.

It added that all problems associated with repatriation were now a foregone conclusion.

It advised all airline operators to take full advantage of this laudable gesture of the Federal Government of Nigeria and adhere strictly to the provisions of the Bilateral Air Services Agreement (BASA) with Nigeria.

Usman had earlier led a delegation of Airline Operators of Nigeria (AON) to meet with the Ministers of State for Aviation, Finance and their Petroleum counterparts, including the CBN Governor.

As a result of the meeting, Sirika was able to extricate for the foreign airlines, 50 percent clearance of their forex obligations.

Labels:

Comments

Post a Comment

Popular posts from this blog

Court grants Fani-Kayode N50m bail

Fani-kayode sandwiched by EFCC officials Justice James Tsoho of the Federal High Court Abuja on Thursday granted a N50m bail to former spokesman of the Goodluck Jonathan Campaign Organisation, Chief Femi Fani-Kayode. Fani-Kayode was arraigned by the Economic and Financial Crimes Commission (EFCC) on a five-count charge of money laundering to the tune of N26m. Fani-Kayode is the sole defendant in the fresh charges numbered, FHC/ABJ/CR/140/2016. The EFCC accused the defendant of diverting 26 million Naira allegedly received from the ONSA while Sambo Dasuki was in office. The anti-graft agency also accused him of handling the said N26 million without going through financial institution as required under the Money Laundering Act. The embattled former minister is already facing 17-count charge of money laundering before the Lagos Division of the court, along with a former Finance Minister; Nenadi Usman, Danjuma Yusuf and a firm; Joint Trust Dimension Nigeria Limited. They were charg...
Post a Comment
Read more

Pope not involved in Colombian peace deal- Vatican

Pope Francis Pope Francis has turned down a request to play a role in the peace deal between the Colombian government and the Revolutionary Armed Forces of Colombia (FARC) rebel group. The Vatican in a statement issued on Wednesday in in Vatican City said that an invitation was sent to his Holiness in early August to appoint a representative to participate in the committee that selected the judges for the talks. The statement said that though Pope Francis supported the peace process, he, however, reiterated that he would not get involved in Colombian peace deal. It said that Pope was praying for the enlightenment of the hearts and minds of those who were called to promote the common good of the Colombian nation. A deal was announced last week, putting an end to five decades of internal conflict between government forces and the FARC rebels. The agreement, which needed to be ratified through a referendum in Oct. 2, would entail setting up a special court to grant amnesties or pu...
Post a Comment
Read more

Fall of Assad is a Blow to Russia's Prestige

The potential fall of Syrian President Bashar al-Assad, a long-standing ally of Russia, would mark a turning point in Moscow’s global influence, particularly in the Middle East. Steve Rosenberg’s analysis underscores the profound implications for Russia, which has invested heavily—both militarily and politically—in ensuring Assad’s survival over the past decade. This article delves into why Assad’s downfall would strike at the core of Russian prestige and what it could mean for the broader geopolitical landscape. Russia's Strategic Commitment to Syria Since the outbreak of the Syrian civil war in 2011, Russia has been a staunch supporter of Assad's regime. In 2015, Moscow launched a military intervention that proved decisive in stabilizing Assad’s hold on power. This intervention solidified Russia's role as a key power broker in the Middle East and demonstrated its willingness to project military power far beyond its borders. Syria is not just an ally for Russia; it is a...
Post a Comment
Read more