One-way Economy class tickets on international routes from Nigeria may hit N2 million as the International Air Transport Association (IATA), sets the exchange
While stakeholders regretted that the development has further pushed international air travel beyond the reach of average Nigerians, they acknowledged the inherent respite on foreign airlines that are patronising the Investors and Exporters FX window for fund repatriation, and reopening of naira inventories to travel agencies in the countries.
“The change in exchange rate doesn’t go down well with travelers and travel agents because it reduces the number of people traveling. It also leads to instability in the market. We give a price today and the price changes the following day. He stated that the already high fares had been worsened by the instability in the airline business occasioned by the recent monetary policy of the federal government.
“These conversions use the official prevailing exchange rate provided by the country’s financial system. It could be recalled that earlier in the month during its 79th Annual General Meeting held in Istanbul, Turkey, the organisation had raised the alarm that its member airlines’ blocked fund in Nigeria had increased to $818.2 million as at end of April from $744 million in March.
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