International travel tickets in Nigeria are on track to rise following a directive to travel agencies to adjust exchange rates from N420.86 to N460 effectively, an 8.5% devaluation. Nigeria’s official exchange rate at the Investors and Exporters window is currently N410/$1.
The Publiaher Nigeria learnt in an email communication sent to travel agencies travel agencies were advised that exchange rates will be “going from N420.86 to N460 per dollar on GDS” starting today, Tuesday, July 13th 2021. They were also advised to “issue all pending tickets” using the new rates.
The GDS is an acronym for Global Distribution System and is the platform used by the travel industry for issuing tickets. Booking platforms such as Amadeus, Sabre, Galileo, etc, all running on GDS already have their exchange rate adjusted to N460/$1.
Nairametrics understands the adjustment in the exchange rate is a reflection of the market value of the naira in the exchange rate market. Unlike other industries, the travel industry has a history of relying on the official exchange rate (not IFEX) as a basis for issuing tickets after converting from dollars to naira.
Nigerians looking to travel internationally but yet to purchase tickets will pay higher due to the adjustment.
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