International airlines in Nigeria have adjusted the exchange rate for selling tickets to Nigerians to N803/$1, according to reliable sources in the travel agency, IATA.
The International Air Transport Association (IATA) informed stakeholders that the IATA exchange rate would change from N776.90/$1 to N803.90/$1.
They have advised ticket agencies to close out unfinished ticket sales by the close of business Monday to avoid a potential rise in ticket prices.
This adjustment is a response to the recent depreciation of the naira, as demand pressure exceeds the supply of foreign exchange.
Nairametrics reported last week that the exchange rate depreciated to N803.9/$1 on the I&E window, reaching its weakest level to date. It seems that this is the rate currently adopted by the airlines.
However, a quick check on the FMDQ portal indicates that rates have slightly improved, closing at N795.28/$1. The NAFEX rate closed at N772.21/$1, suggesting that rates may change again in accordance with market realities.
Airlines began benchmarking ticket sales against the value of the exchange rate at the I&E window after the Central Bank revised guidelines for the operations of the forex market.
Meanwhile, the exchange rate on the parallel market depreciated to N820/$1 on Monday while peer-to-peer traders exchanged at about N818/$1.
More to follow…
President Bola Ahmed Tinubu has approved the reconstitution of the executive management teams for 12…
The Minister of the Federal Capital Territory, Nyesom Wike, has revoked 762 plots of land…
Pan-Yoruba socio-cultural group, Afenifere, has urged the Nigerian police to redeem their integrity by promptly ending…
Senate President Godswill Akpabio has urged President Bola Tinubu to warn intransigent ministers in his…
Bankit Africa, a rapidly growing Pan-African Fintech company, is proud to announce its official launch…
The disclosure was made in NERC’s December 2024 Multi-Year Tariff Order (MYTO) report, published on…