This follows the refusal of the Central Bank of Nigeria (CBN) to exempt foreign carriers from its forex policy.
Reports say Iberia took the decision in view of the financial predicaments brought upon it by the CBN forex policy, which prevented it from repatriating its proceeds made in Nigeria for many months now.
Since the introduction of the policy, the foreign airlines have over $500 million trapped in the various banks which they ought to have repatriated to their various home countries.
Prior to the decision of Iberia, many of the foreign carriers had expressed their displeasure at the CBN policy and have threatened to withdraw their services from Nigeria if nothing was urgently done to reverse it.
It's believed that some of them have concluded plans to pull out of the country. Click to signup for FREE news updates, latest information and hottest gists everyday
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