International airlines in Nigeria have adjusted the exchange rate for selling tickets to Nigerians to N803/$1, LEADERSHIP can report.
This would then mean that international fares would further increase in days to come if the exchange rate keeps soaring.
The International Air Transport Association (IATA) informed stakeholders that the IATA exchange rate changed from N776.90/$1 to N803.90/$1.
They, however, advised travel agencies to close out unfinished ticket sales by Monday to avoid potential rise in ticket prices.
This adjustment is in response to the floating of the exchange rate of the naira.
The exchange rate depreciated to N803.9/$1 on Monday in the I&E window, reaching its weakest level to date and the airlines currently adopted it.
Confirming the adjustment of the exchange rate, the president, National Association of Nigeria Travel Agencies (NANTA), Susan Akporiaye, said international airline tickets increased by N300,000 between Monday and Tuesday due to the soaring exchange rate.
According to her, the higher the exchange rate, the higher the ticket fare, saying the I&E window determines the price of the ticket and not IATA.
“Since the unification of naira exchange rate to dollar by the federal government, we expected this because when you leave the market open there will be fluctuations until it stabilises. IATA monitors and advises airlines today, Tuesday, dollar sells for N803/$ and by tomorrow, Wednesday, N795/$.
The rate has been hovering around N740 to N790 and it’s the first time it’s entering N804/$.”
“The problem still remains that the higher the rate, the higher the price. We have advised our clients to hold on till tomorrow to get their tickets except it was an emergency.”
“It was N749 on Monday. A lot issued their tickets yesterday and even me, I issued tickets until 11pm on Monday. This is the time clients will need the service of travel agencies like never before,” she stated.
