International airfares on Nigeria routes to various global destinations, have skyrocketed again as the International Air Transport Association’s exchange rate for ticket sales has risen by 37.5 percent above the official rate.
Findings indicate that IATA, the global trade association for world airlines, had approved the sale of flight tickets in Nigeria at N634/dollar.
This is about N173 or 37.5 percent above the Central Bank of Nigeria’s official exchange rate pegged at N461.06 as of 6:31 Wednesday.
Following the latest increase in the IATA exchange rate, travel agencies and international airlines operating in Nigeria have adjusted the exchange rate for ticket sales.
The development has led to significant increases in airfares ahead of the peak summer travel season which has gained momentum.
Already, Nigerian travelers have been grappling with high airfares worsened by the inability of foreign airlines to repatriate their ticket sale proceeds out of Nigeria due to a shortage of dollars from the CBN.
International airlines in Nigeria have closed their low-price ticket inventory in order to cushion the effect of blocked funds put at $802m as of April.
However, about a month later, Sirika, in a meeting with the IATA team, foreign airlines and travel agents assured the foreign operators that he would take the issue up with the Presidency and the CBN.
