The National Association of Nigerian Travel Agencies (NANTA), comprising over 2,000 travel agencies, will protest Nigeria’s central bank withholding foreign airlines’ funds worth about $300 million, The Guardian newspaper reported.

There has been no reprieve from the crisis nearly two months after the central bank released $265 million out of the $464 million “trapped” fund.

NANTA President Susan Akporiaye said the consequence of the “trapped” fund was a “misfortune”, resulting in Nigerians having to buy an average six-hour economy class ticket for between 1.5 to 2.7 million nairas ($3,397-$6,115).

Bernard said the CBN’s refusal to release stranded funds or engage with the business partners amounts to an act of sabotage of the travelling public.

The newspaper quoted unnamed sources as saying that the matter had almost gone out of hand, with travellers, travel agencies and the entire industry in distress.

Bankole Bernard, Chairman of the Airlines and Passengers Joint Committee of the International Air Transport Association (IATA), said that the central bank’s refusal to release stranded funds or engage with the business partners amounted to “an act of sabotage of the travelling public.”

The International Air Transport Association (IATA) has warned that Nigeria and other countries withholding airline funds risk a 200 to 300% spike in airfares.  

(Editing by Seban Scaria seban.scaria@lseg.com)