Skip to content
Abel News NG

Abel News NG

Latest news

Primary Menu
  • LATEST NEWS
  • Aviation
  • Airlines
  • Business
  • News
  • Hospitality
  • Politics
  • ABOUT US
  • Home
  • 2016
  • March
  • 21
  • CBN Forex Policy: Aviation Union Begs FG To Grant Concession To Foreign Airlines
  • Airlines

CBN Forex Policy: Aviation Union Begs FG To Grant Concession To Foreign Airlines

admin March 21, 2016 3 min read

Minister of State,Aviation,Senator, Hadi Sirika

The National Union of Air Transport Employees (NUATE) has appealed to the Federal Government through the Ministry of Aviation to grant international airlines operating in the country the concession to repatriate the monies made from ticket sales to their home countries.
NUATE’s appeal is coming on the heels of the feelers received by the unions that foreign airlines in the country are planning to lay off close to 2,000 of their staff to cut cost in view of the fact that they have not been able to transfer their earnings to their various countries as result of the Central Bank of Nigeria (CBN) Forex policy.
The appeal by the union is contained in a letter titled, “Save Our Souls And The Jobs Of Over 2,000 Aviation Workers” written to the Minister State, Aviation, Alhaji Hadi Sirika and Signed by the Acting General Secretary of NUATE, Comrade Olayinka Abioye.

Abioye stated in the letter that as a result of the policy international airlines have deviced several ways inimical to safety and security and which would also lower the services they render to their passengers.
Government, the letter said should intervene immediately before the situation gets out of hand

The letter reads, “As partners with the Federal Government through your good office, we support wholeheartedly the change mantra of the government and pledge our unalloyed allegiance towards its success but we hasten to place on the front burner, an emerging threat confronting over two thousand (2000) private sector aviation workers in Nigeria, which requires your intervention, to forestall imminent loss of jobs of these numbers of workers”.

It continued, “Information has just filtered into our ears that all is not well with the foreign airlines operating into Nigeria as it is planning massive reduction in the numbers of its employees, (over two thousand) in order to cut costs and shrink its operations. The reason been adduced for this “danger” is that their earnings in the past year is under lock with the Central Bank of Nigeria (CBN), as they are unable to transfer these earnings to their respective home countries to meet operational costs, in accordance with international rules”.

NUATE stated that following concerns raised recently by leaders of these workers and other stakeholders and in appreciation of the good intent of the government’s fiscal policy, the association humbly make this clarion call for the government intervention to grant foreign airlines concession to repatriate their proceeds to their home countries.

“The airlines are already devising ways and other tactics, inimical to safety and security, to gradual reduction of services/operations which may not be in the interest of the country and her people, if not quickly remedied, Sir. We thank you for the proactive actions you have taken so far in some other areas, while we look forward to visible response in this regard”. Part of the reads

To buttress its argument , the association quoted ,the Ant – Apartheid Crusader, Desmond Tutu, who said, “Do your little bit of good where you are; it’s those little bits of good put together that overwhelm the world”.
Aviation analysts are of the opinion that the Apex Bank Forex restriction policy has also made it difficult for international airlines to repatriate their earnings to their home base.
AbelNews recalled that on June 23, CBN released a circular titled, “Inclusion of Some Imported Goods and Services on the List of Items Not Valid for Foreign Exchange in the Nigerian Foreign Exchange Markets,” and listed 41 items that can no longer be imported with foreign exchange sourced from the apex bank, deposit money banks, bureau de change and other authorised sources.

These items includes: rice, cement, margarine, palm kernel/palm oil products/vegetable oils, meat and processed meat products, toothpicks, glass and glassware, kitchen utensils, tableware, vitrified and ceramic tiles and textiles among other items.

The Apex bank added that they are not banned but that importers of these items can no longer access foreign exchange from the Bank and the industry it regulates.

The CBN cited as its reason the need to “encourage local production of these items”, adding that “implementation of the policy will help conserve foreign reserves as well as facilitate the resuscitation of domestic industries and improve employment generation.”

admin

See author's posts

Continue Reading

Previous: Etihad Enhances Maintenance Efficiency, Safety With Automated Tool Control System
Next: IATA Files Formal Complaint In European Commission Investigation

Related Stories

United Nigeria Airlines  Aircraft With 50 Passengers Skid Off Lagos Airport Runway
1 min read
  • Airlines

United Nigeria Airlines  Aircraft With 50 Passengers Skid Off Lagos Airport Runway

May 31, 2023
(Updated) Ayade, Cross River Governor-Elect, Aero On Collision Course Over Cally Air  
5 min read
  • Airlines

(Updated) Ayade, Cross River Governor-Elect, Aero On Collision Course Over Cally Air  

May 29, 2023
NAHCO Chairman Appeals To FG For Speedy Resolution Of Airlines’ Trapped Funds Issue
2 min read
  • Airlines

NAHCO Chairman Appeals To FG For Speedy Resolution Of Airlines’ Trapped Funds Issue

May 27, 2023

Recent Posts

  • United Nigeria Airlines  Aircraft With 50 Passengers Skid Off Lagos Airport Runway
  • Ahon’s Appointment By Delta Governor A Testimony To Excellence–JIFORM President
  • NAPTIP Sacks  Deputy Director, 4 Officers For Serious Misconduct
  • Runsewe Mourns Dokpesi, Extols His Virtues
  • Obaseki Celebrates Osimhen, Alegeh, Omogiafo, Others For Winning National Awards

Recent Comments

  1. israelnightclub.com on Nigeria Immigration Service  A Major Investment Driver Of The Country  By James Sunday
  2. Abel Orukpe on FAAN To Constitute Task Force To Curb Activities Of Miscreants At MMIA
  3. Shinaba Abiodun on FAAN To Constitute Task Force To Curb Activities Of Miscreants At MMIA
  4. Nanji Tyem on FG Grants Tax Reliefs To TStv Africa
  5. Margaret on Disaster Looms In Aguda As Developer Begins Sand Filling Of Major Canal

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • January 2015
  • July 2012
  • July 2011
  • February 2011
  • July 2010
  • February 2009

Categories

  • Agriculture
  • Airlines
  • Android
  • Appointment
  • Aviation
  • Award
  • BlackBerry
  • Business
  • Community News
  • Contact us
  • Crime
  • Culture
  • Design
  • Editorial
  • Education
  • Entertainment
  • Event
  • Feature
  • Health
  • Health
  • Healthe
  • Hospitality
  • International News
  • Interviews
  • iPhone
  • Judiciary
  • LATEST NEWS
  • Letter
  • Migration
  • News
  • News In Picture
  • Opinion
  • Politics
  • Presentation
  • Religion
  • Security
  • Slider
  • Speech
  • Sports
  • Technology
  • Tourism
  • Transport
  • Travelogue
  • Uncategorized
  • Videos
  • World

You may have missed

United Nigeria Airlines  Aircraft With 50 Passengers Skid Off Lagos Airport Runway
1 min read
  • Airlines

United Nigeria Airlines  Aircraft With 50 Passengers Skid Off Lagos Airport Runway

May 31, 2023
Ahon’s Appointment By Delta Governor A Testimony To Excellence–JIFORM President
1 min read
  • Uncategorized

Ahon’s Appointment By Delta Governor A Testimony To Excellence–JIFORM President

May 31, 2023
NAPTIP Sacks  Deputy Director, 4 Officers For Serious Misconduct
2 min read
  • Crime

NAPTIP Sacks  Deputy Director, 4 Officers For Serious Misconduct

May 31, 2023
Runsewe Mourns Dokpesi, Extols His Virtues
1 min read
  • LATEST NEWS

Runsewe Mourns Dokpesi, Extols His Virtues

May 30, 2023
Copyright © All rights reserved. | MoreNews by AF themes.