The Central Bank of Nigeria’s decision to devalue the naira has led to a substantial increase in airfares, thereby negatively affecting the summer holiday arrangements of several travellers, Funmi Fabunmi
Another passenger, Mr Kayode Enitan, who expressed displeasure on the increase in the ticket price, said, “I have determined to spend this summer holidays in the United Kingdom with my family. In the past four years because of work, I have been travelling to the UK but it seems I would not be able to do so this year as a result of the high cost.” He called on the government to intervene and make airfares affordable to the average traveller.
The tourism industry, a vital sector for economic growth and job creation, is already feeling the impact of the hike in airfares. Expectedly, small and medium-sized enterprises in the tourism sector, such as hotels, tour operators, and travel agencies, are not struggling with reduced bookings and cancellations.
While the current situation presents significant obstacles for travellers and the aviation industry, stakeholders remained optimistic that the situation would improve over time. They highlighted the resilience of the Nigerian tourism sector and express hope that economic stability measures and favourable exchange rate policies would reverse the current trend and make air travel restore affordability.
A few months ago, foreign airlines sold tickets at 444/dollar in accordance with the CBN official exchange rate. However, in recent weeks, IATA has reviewed the exchange rate for ticket sales in Nigeria to 462/dollar, N551/dollar, N582/dollar, N610/dollar and currently N634/dollar. Foreign airlines submit FX bids to the CBN through their respective commercial banks every fortnight.that “The increases in the IATA exchange rate are in line with the changes in the CBN exchange rates for airlines. The airlines are just matching the rate at which the CBN is selling the dollar to them. It is not a unilateral change from the airlines.
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