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Nigerians have been forced to put their travel plans to the United States and Europe on hold due to soaring airfares caused by the high exchange rate for ticket pricing. According to BusinessDay’s investigations, the cost of economy class tickets from Lagos to London, France, and other European countries has surged from an average of N1.5 million a month ago to between N1.9 million and N2.2 million, depending on the airline.
For example, a Lagos to France economy class ticket on British Airways now costs around $2,500, equivalent to approximately N1.92 million using the N770 exchange rate to the dollar. Meanwhile, a Lagos to London economy class ticket on British Airways is priced at approximately $2,800, amounting to about N2.15 million. Qatar Airways offers a similar route at a cost of around $2,900, which translates to about N2.23 million.
Similarly, the cost of economy class tickets from Lagos to the United States, which used to be around N1.7 million, has skyrocketed to between N2.2 million and N2.6 million. Delta Airlines offers a Lagos to the United States economy class ticket for about N2.4 million, while Lufthansa and Qatar Airways charge approximately N2.6 million.
Business class tickets from Lagos to London, France, and other European countries, previously priced at around N2 million, have surged to an average of N2.9 million to N3.4 million. Lufthansa Airlines offers a business class ticket from Lagos to London for about N2.9 million, while Qatar Airways charges around N3.4 million.
The price increase in airfares is a direct consequence of the exchange rate for ticket pricing exceeding N760/$. This surge occurred shortly after the Central Bank of Nigeria (CBN) floated the naira and instructed commercial banks to sell foreign exchange at market-determined rates. The CBN consolidated all forex windows into the Investors & Exporters Window, leading to fluctuations in the exchange rate on the International Air Transport Association (IATA) platform from 663.04/$ to the current rate of N770/$.
Nigerian travelers have been left with no choice but to adjust their plans, with many expressing their frustration at the exorbitant prices. Philip Onuh, for instance, had to suspend his travel plans to New York to visit his family due to the steep ticket costs. John Effiong also had to cancel his vacation in France and opt for Egypt instead, where the costs are significantly lower, and visa policies are more flexible…
