3,000 WORKERS TO BE SACKED BY FOREIGN AIRLINE COMPANIES IN NIGERIA

Foreigns airlines plan to sack  3, 000 Nigerian workers due to the drastic fall of the Naira and their inability to transfer their funds to their countries while others to stop operations in Nigeria.


As at March 31, 2016, foreign airlines funds trapped with the Central Bank of Nigeria (CBN) was about $575 million and there are strong indications that the airlines would lose substantial value of this money with the devaluing of the Naira by the federal government which has become imminent.


It is projected that if government devalues its currency, foreign airlines may lose about 45 per cent of their revenues with the CBN.


Acting General Secretary of the National Union of Air Transport Employees (NAUTE), Comrade Olayinka Abioye said the plan of airline companies has affected the workers, adding that the Federal government should wade in and prevent the huge job loss.


Abioye added in his statement that the Airline companies claimed that their earnings in the past year has been trapped with the Central Bank of Nigeria. They are unable to transfer their money to their countries to meet operational costs in accordance with international rules.



source: vanguard, thisdaylive