Once foreign airlines increased the exchange rate for ticket sales from N462 per dollar to N551 per dollar, as reported, international airfares on Nigerian routes increased further by more than 20%.
In order to mitigate the effects of the rising quantity of stranded funds, carriers limited their inventory of cheaper tickets, causing international travelers on Nigerian flights to pay higher airfares.
The International Air Transport Association, the trade group of the world’s airlines with headquarters in Switzerland, recently increased the naira-dollar exchange rate for the sale of tickets. This is expected to make things worse for Nigerian travelers who already face higher airfares.
On Friday, a number of travel agencies verified to our correspondent that they had received notification of the most recent hike from worldwide distribution system businesses.