Forex Crisis: Passengers Groan As Foreign Airlines Hike Fares

Travellers are expressing their disappointment and frustrations as airfares continue to skyrocket, making it increasingly difficult for individuals to embark on their desired trips.

About two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, the apex bank decided to float the naira at the Investor’s and Exporters’ Window of the foreign exchange market. Since then, the naira had fallen from N471/dollar to N867/$.

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With this development, Nigerians, particularly, intending international students hoping to resume school in September, had been greatly impacted by the unpredictable fluctuations in foreign exchange rates.

The prices of air tickets had skyrocketed, making it increasingly difficult for Nigerians to travel, especially when compared to neighbouring countries such as Benin and Ghana, where airfares are notably cheaper.

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The current policy of floating the Naira had done little to alleviate the situation. As the exchange rate continued to rise, most foreign airlines’ funds were trapped within Nigeria, due to a scarcity of dollars in the market. This scenario created a problematic landscape for Nigerians who depended on reasonably priced flights to go about their business.

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Photo Credit: Getty