The new forex policy unveiled by the Central Bank of Nigeria, CBN, has reportedly sent the prices of international flight tickets through the roof.
According to travel agents under the aegis of the National Association of Nigeria Travel Agencies, NANTA, the indirect devaluation of naira by the federal government has jacked up ticket prices.
The naira is currently exchanged at N285 to a dollar based on the new exchange rate policy compared to the previous rate of N197-N200 to a dollar. This has led to sharp increase in air fares on the international routes as ticket fare is now priced at N285 to a dollar.
The new forex policy which is giving passengers and travel management companies serious concern as fares have increased by over 50 per cent, has led to the cancellation of flights by some passengers, it was gathered.
A travel agent also blamed the issue on the drive by airlines to recoup their losses even as they fight hard to repatriate trapped funds to their countries.
Another travel agency executive who spoke on condition of anonymity, said: “this is not the best of time for the industry as the summer holiday approaches when there is increase in traffic. The implication is that many passengers would have to postpone their trips or cancel them outright.”
It was gathered that the price hike is mostly felt on the busy routes of the United States, London and Dubai, among other international travel routes.
