Business
International Tavel Tickets Set To Rise As Naira Weakens Against Dollar
- Nigeria’s official exchange rate at the Investors and Exporters window is currently pegged at ₦410 to $1
International travel tickets in Nigeria are on the verge of rising following a directive to travel agencies to adjust exchange rates from ₦420.86 to ₦460 effectively, an 8.5% devaluation.
Nigeria’s official exchange rate at the Investors and Exporters window is currently pegged at ₦410 to $1.
An email sent to travel agencies indicates that exchange rates will be “going from ₦420.86 to ₦460 per dollar on GDS” starting Tuesday, July 13th 2021 (today) while also advising the agencies to “issue all pending tickets” based on the new rates.
Read also: FG Raises Alarm Over ₦37bn Debt Owed By Airlines
The GDS is an acronym for Global Distribution System and is the platform used by the travel industry for issuing tickets. Booking platforms such as Amadeus, Sabre, Galileo, etc, all running on GDS already have their exchange rate adjusted to ₦460/$1.
The adjustment in the exchange rate, according to Nairametrics, is a reflection of the market value of the naira in the exchange rate market.
Unlike other sectors, the travel sector has a history of relying on the official exchange rate (not IFEX) as a basis for issuing tickets after converting from dollars to naira.
YOU MAY ALSO LIKE
FG Directs Airlines To Refund Airfares To Passengers After Two-Hour Delay
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
