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BREAKING: International Airlines will modify the exchange rate for tickets to N803/$1 as of July 18th

Jul 18, 2023 | International | 0 comments

According to dependable sources in the travel agency, IATA, international airlines in Nigeria have changed the exchange rate for selling tickets to Nigerians to N803/$1.
IATA, the International Aviation Transport Association, advised interested parties that the exchange rate would increase from N776.90 to N803.90 for one dollar.

They’ve asked ticket brokers to wrap up unfinished ticket sales by Monday’s end of business to prevent a possible increase in ticket costs.

While demand for foreign cash is greater than supply, the recent devaluation of the naira has prompted this adjustment.

This week, according to Nairametrics, the exchange rate on the I&E window fell to N803.9/$1, its lowest level ever. The airlines are now using this pricing.

Yet, a cursory check of the FMDQ webpage reveals that rates closed at N795.28/$1, a little improvement. The NAFEX rate, N772.21/$1, indicated that rates may fluctuate again in line with market conditions.

As the Central Bank amended the rules for how the forex market should operate, airlines started comparing ticket sales to the value of the exchange rate in the I&E window.

Peer-to-peer traders swapped at roughly N818/$1 on Monday, while the exchange rate on the black market declined to N820/$1.

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