Foreign Airlines will start selling International Tickets at N803.90/$1 in Nigeria.
Newsonline Nigeria reports that the International Air Transport Association (IATA) has informed travel agencies that foreign airline tickets will be sold at a new rate of N803.90/$1.
This Nigeria News platform understands that IATA adjusted the exchange rate for international airlines from N776.90/$1 after the naira slumped consecutively against the dollar in the Investors’ and Exporters’ window.
The adjustment is set to take effect soon, as Nairametrics reported that the International Air Transport Association has advised travel agencies to ensure they sell off their outstanding international tickets before the close of business on Monday.
Recall that the Central Bank of Nigeria (CBN) had devalued the naira in the official market, merging the multiple exchange rates to the Investors’ and Exporters’ window.
CBN devalued the naira to the dollar exchange rate by N192.37 kobo to N664.04/$1 on June 14, from N471.67/$1.
However, since the devaluation, the naira has crossed N800 at the close of trading in the Investors’ and Exporters’ window, although it closed trading on Monday at N795.28/$1.
So the International Air Transport Association adjusted the foreign airline tickets to reflect the highest level the dollar has hit in recent weeks.
This will increase the prices of international tickets at a time foreign airlines are unable to repatriate their revenue from ticket sales.
Prime Business Africa previously reported that the IATA intend to meet with President Bola Tinubu, as foreign airlines’ funds blocked from repatriation in Nigeria hit $812.2 million as of April 2023.
IATA’s Regional Vice President of Africa and Middle East, Kamil Alawadhi, had stated that Tinubu’s government is expected to immediately provide 50 per cent of the trapped funds.
Alawadhi said later in the year, the remaining 50 per cent should be provided, as funds are important to foreign airlines’ operations in Nigeria.
According to the IATA top official, every penny counts to run their operations smoothly.