International airlines operating in Nigeria have adjusted their exchange rate for selling tickets to Nigerians, setting it at N803/$1, as reported by LEADERSHIP.
This adjustment implies that international fares may further increase in the coming days if the exchange rate continues to soar.
The International Air Transport Association (IATA) informed stakeholders that the IATA exchange rate changed from N776.90/$1 to N803.90/$1.
In response to the fluctuating exchange rate of the naira, travel agencies were advised to close out unfinished ticket sales by Monday to avoid potential rises in ticket prices.
On Monday, the exchange rate depreciated to N803.9/$1 in the I&E window, reaching its weakest level to date, which international airlines are currently adopting.
Confirming the exchange rate adjustment, the president of the National Association of Nigeria Travel Agencies (NANTA), Susan Akporiaye, stated that international airline ticket prices increased by N300,000 between Monday and Tuesday due to the soaring exchange rate.
She emphasized that the higher the exchange rate, the higher the ticket fare, highlighting that the I&E window determines the ticket price, not IATA.
In the wake of the federal government’s unification of the naira exchange rate to the dollar, fluctuations are expected as the market remains open until stability is achieved. IATA monitors and advises airlines; currently, the dollar sells for N803/$ on Tuesday and is projected to be N795/$ on Wednesday.
