Foreign airlines repatriated N795.48bn from Nigeria in six months, data from the Central Bank of Nigeria have shown.
Data from the apex bank’s Balance of Payment compilation revealed that airlines withdrew (as debits) $1.76bn (converted to naira at N451/$) in the first and second quarters of 2023. Total credit to the Balance of Payment account from airline travel was $19.39m (N8.75bn).
The amount on the debit side of the balance of payments includes how much was spent on tickets by passengers (N779.61bn), cargo ($10.22bn), and others (N5.65bn).
According to an explanatory note on the apex bank’s website titled, Note D, Balance of Payments is “defined as a systematic record of economic and financial transactions for a given period between residents of an economy and non-residents.”
