Ethiopian Airlines to recover $100 million trapped in Nigeria via blocked funds swap deal

The Ethiopian and Nigerian central banks have agreed to swap funds trapped in their respective states, which will see Ethiopian Airlines (ET) recover up to $100 million trapped in Nigeria, as per The Reporter. Both countries have blocked a significant amount of airline funds, with a low allocation of dollar to their aviation industries due to severe foreign currency shortages. The agreement between the central banks involves exchanging Ethiopian Airlines’ funds in Nigeria for Dangote Cement’s funds trapped in Ethiopia. Nigerian banks hold about $180 million of Ethiopian’s revenue. Ethiopia can access blocked funds in Nigeria through the swap agreement, including money