Economic Collapse: British Airways Halting Nigerian Naira Tickets Sales Over $464m Trapped Funds

Economic collapse: British Airways Halting Nigerian Naira Tickets Sales Over $464m Trapped Funds The British Airways has ordered the stoppin...

Economic collapse: British Airways Halting Nigerian Naira Tickets Sales Over $464m Trapped Funds

The British Airways has ordered the stopping of ticket sales in the Nigerian Naira and may halt flights with the country from December 1, 2022, over the airlines’ inability to repatriate $464 million trapped funds to its home office.

Henceforth, travel agents would not be able to issue fresh tickets to clients, as the airline has closed its inventory.

However, travellers can buy tickets only online, and only in dollars.

Agents under the aegis of the National Association of Nigerian Travel Agencies (NANTA) confirmed the British Airways development, with members told via a memo to stop issuance of tickets beyond December.

Emirates Airlines had already announced that it would suspend flights to Nigerian from September 1 over $85 million trapped in Nigeria.

The memo read: “The National Executive Council of NANTA just concluded a business meeting with British Airways and British Airways conveys assurance that it remains committed to servicing the needs of travel agencies in Nigeria.

“As members may be aware that British Airways closed inventory this morning, please be informed that, this inventory closure is a necessary action taken by British Airways to mitigate increase of their trapped funds.

“However, British Airways provides reassurance that it is still flying in and out of Nigeria and is currently seeking earnest solutions to address the demands of its customers.”

Another memo read: “The above message is the new development with regards to British airways. Tickets will be issued in USD henceforth and only online.

“They have also given the Nigerian government a deadline in December. By which time if payment isn’t made, they will stop all flights into and out of Nigeria.

“Please do not pay for or issue tickets beyond December. We will update you as soon as we receive any new developments.”

Here is another memo:  “We’ve had to make some temporary changes to the way we sell our inventory in Nigeria. As a result, trade partners are currently unable to make new or service any bookings made in Nigeria at this time.

“Existing bookings may still be serviced on both a voluntary or involuntary basis through our Global Engagement Centres and lines. Once a ticket has been revalidated or reissued, British Airways will take ownership of the booking. We remain fully committed to serving the Nigerian market and apologise for this temporary adjustment in operations.”