International airlines raise exchange rate to N551/$1

Alade Abayomi ADeleke
Alade Abayomi ADeleke

International Airline operators in Nigeria have reportedly adjusted their exchange rate from N462/$1 to N551/$1.


Nairametrics reported that airlines adjusted the exchange rate on their Global Distribution System owned by Amadeus.


The exchange rate between the naira and dollar sold as high as N551/$1 for the second straight day, on the official spot rate of the Investor and Exporter window of the FMDQ on Tuesday.


However, trade at the official investor and exporter window on Wednesday sold for N544.5/$1.


The exchange rate between the dollar and naira often trades at intraday highs and lows in line with market realities, however, the rate still closes at the official price preferred by the apex bank.


The implication of the adjusted exchange rate on ticket sales in Nigeria is that airfares could increase at any moment, as international airline operators would need to adjust their prices to reflect the new exchange rate, which will result in higher ticket prices for passengers.


The increase in ticket prices may also lead to a reduction in demand for air travel, especially among mid-class passengers.

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