Naira comes under serious pressure, as more foreign airlines demand dollars for flight ticket

More Foreign airlines are demanding Nigerians pay for flight tickets in dollars amid trapped revenue put at over $600 million.

The likes of British Airways and Turkish Airlines have already sent out emails to customers that they will no longer issue tickets to passengers in naira, but in dollar.

The move is set to put more pressure on Nigeria’s currency, Naira as intending international travellers will have to source for dollars through whatever means, especially the black market.

Turkish Air in an email to customers seen by Ripples Nigeria said, “Dear Business Partner, Kindly be informed that as of today, only C and Y fare classes will be available on GDSs for sale in Nigeria, Unused tickets will be upgraded to Y and C class for voluntary reissue cases, fare and tax difference shall be collected for inbound or outbound travel.

“Multi city routes will not be combined with fares. All fare classes will be available for sale on the Turkish Airline website and mobile app.”

British Airways economy tickets to London cost $466, premium economy $1,823 and Business $3,269.

The decision is linked to the foreign exchange belonging to foreign airlines which have been blocked by the Central Bank of Nigeria (CBN).

The International Air Transport Association (AITA) had estimated the amount at $450m of funds belonging to foreign airlines trapped by the CBN.

Emirates said in July that they are owed $85m of non-repatriated funds by CBN, which they had reported to the Minister of Aviation, Hadi Sirika.

Four months ago, APG Interline E-Ticketing (IEG) via its travel advisory issued to its trade partners said members would commence sale of tickets in dollars.

Read also:Naira stabilises at official market, gains N3 at black market

APG IET members that use Nigerian routes are Middle East Airlines, Turkish Airlines, South Africa Airways, Egypt Air, Asky Airlines, Kenya Airways, Royal Air Maroc and Rwandair.

APG IET had said, “Dear travel partners, warm greetings from APG. This is to bring to your notice that with effect from April 19, 2022, GP would only accept issuing of tickets in US dollars and not Naira. This is mainly due to repatriation issues and the Forex situation in the country.

“This would most likely be a temporary measure till the Forex situation improves. Our sincere apologies for any inconveniences this may cause you and your business. Thank you for understanding.”

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