The Chief Executive Officer of Nigeria’s major carrier, Mediew Airline, Alhaji Muneer Bankole, has called for policies that would ensure that the exchange rate stability achieved in the country is sustained.Bankole, said the currency depreciation recorded in 2016 when the country suffered severe shortage in foreign exchange led to the current stagnation in the industry and also forced some airlines out of business.
Bankole, therefore urged the Central Bank of Nigeria to continue to develop policies that would forex scarcity in the country. He stated that for instance, forex scarcity led to the depletion in the fleet of Nigerian carriers, as maintenance cost increased, while spare parts became astronautically high.
“As you are aware that before this administration came into being, the naira was N150 to a dollar and that was the target of everything we were doing, including leasing of aircraft and others, but, suddenly, it went to N500 and more.
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