Nigerians pay more for international flights as airlines adjust exchange rate to ₦803/$1

Passengers on Nigerian flight routes have been warned of an anticipated hike in airfares, as international airlines have modified ticket conversion rates to 803/$1.The International Air Transport Association (IATA) confirmed this when they advised stakeholders of a change in the currency rate from 776.90/$1 to 803.90/$1.While stakeholders have blamed the IATA for the price increase, the aviation authority has denied having control over the currency rate used for foreign airline tickets sold in Nigeria. According to IATA, international flight prices from Nigeria are calculated in US dollars and then converted to Naira, the local currency in the Nigerian market. "IATA simply uses the spot rate at which the Central Bank of Nigeria (CBN) sells its currency." “The rate is not static, i.e. if the rate at which the CBN sells USD goes up, the exchange rate applied to airfares will follow and vice versa”, IATA clarified in a statement issued.