Local airline operators have said the shortage of foreign exchange is forcing operators to pay more for aircraft insurance and other services that are denominated in dollars. He stated that this was a major challenge to operators as aircraft and other equipment must be appropriately insured by the airlines before being deployed to service. Recently, we bought a dollar for N915, but on the platform, it was put at N890. This is a bit due to because the CBN is trying to keep up to their commitment on the allocation of foreign exchange. It’s left for NCAA to make sure that airlines are well insured and are not using insurance companies that are not recognised by the National Insurance Commission.

Source: Punch August 15, 2023 13:48 UTC