Ethiopian Airlines Says It Has $220m Trapped In Nigeria and Other African Countries

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Reuters is reporting that Ethiopian Airlines has about $220 million trapped in local currencies in African countries such as Nigeria, Egypt etc.

Repatriating money from local markets has been a challenge for most international businesses, particularly airlines. This has forced most of them to resort to unorthodox means such as hiking air fares, cutting round trips, reducing planes or out-rightly quitting operations in some countries.

The CEO, Tewolde Gebremariam told Reuters that this was partly because countries such as Nigeria had been hit by recent falls in oil prices, which was reducing foreign exchange inflows.