The depreciation of the Nigerian naira against the US dollar has resulted in a 55% increase in airfares on international routes in Nigeria, according to The PUNCH.
The naira fell from approximately 900/dollar to over 1,400/dollar after the FMDQ Exchange, which records data the nation’s official exchange rate, reviewed its calculation methods.
International airlines operating in Nigeria subsequently moved their exchange rates for pricing tickets from about N900/dollar to N1,421/dollar, leading to a 55% increase in airfares on Nigerian routes.
This development has increased financial strain for travelers, who are reluctantly parting with money due to necessities such as medical or educational purposes. The President of the National Association of Nigerian Travel Agencies suggests that airlines should offer lower inventory options to accommodate financially burdened travelers.