METRO

‘No more N6.5 miliion’ – Nigerians traveling to US, UK, other countries fight for N16 million ticket

Nigerians In Dubai Airport

A new report has revealed how Nigerians travelling to the US, the United Kingdom, and other countries pay a lump sum to get pricey tickets on the same aircraft.

The report said that a business class ticket to the US from Abuja on Ethiopian Airline sells for as much as N15.6 million. In contrast, passengers in economy class on the same aircraft pay about N1.2 million.

The demand for the N15.6 million ticket is reportedly high but short on supply.

Travelers on British Airways pay about N16 million for First class tickets and N9 million for business-class tickets on the same aircraft.

In contrast, economy class costs about N6.4 million for the same aircraft.

The exchange rate has caused a surge in the price of air tickets as foreign air travel is primarily priced in USD. The development means that a weak naira results in higher travel costs.

On June 14, 2023, the Central Bank of Nigeria (CBN) devalued the naira and unified the exchange rate windows.

Analysts believe the decision has worsened Nigeria’s Forex challenges, weakened the naira further, and caused a surge in inflation.

The impact, they say, is also a jump in the cost of air tickets outside the country.

In the parallel market, the local currency is trading around N1,000 to a US dollar, causing a surge in the cost of air travel.

The International Air Transport Association (IATA) set the exchange rate for air tickets in Nigeria at N851 per dollar.

Leave a Comment