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Nigeria News

Airfares crash on international route over FX, Air Peace debut

Airfares for travels from Nigeria to other countries have seen a significant drop, following the appreciation of the naira and the competition arising from Air Peace’s debut on the Lagos-London route.

The pressure on the foreign exchange market has eased as naira on Monday appreciated to 1,340 per dollar on the parallel market, stronger than 1,408.04/$ on the official market.

Read also: Air Peace sells return economy for 1.2m, business for 4m for London flight

This represents an 8.21 percent gain against the dollar, compared to 1,450/$1 on Monday at the unofficial market.

The large naira depreciation caused by the FX reforms that started last year had led to a steep rise in the International Air Transport Association (IATA) rate for ticket sales.

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