IATA clarifies int’l airfares in Nigeria

 

The global trade association of airlines : International Air Transport Association (IATA), yesterday offered clarifications on the effect of fluctuating exchange rate on international flight tickets sold in Nigeria.

 

The global body said air fares are not determined by it , but denimonated in the US dollar and converted into the local currency, for sale in the Nigerian market.
These conversions, IATA said, use the official prevailing exchange rate provided by the country’s financial system.

In a statement, the body said : ” IATA simply applies the spot rate at which the Central Bank of Nigeria sells USD through banks to the market, at its fortnightly retail foreign exchange auctions.

 

It must be noted however, that with the recent forex liberalisation, the auctions have given way to daily market determined rates.

 

Meanwhile, air fares on the Lagos / London route have risen astronomically .Checks by The Nation on a booking inventory by a travel management company revealed that a return trip on the average, is over N1.3 million for Qatar Airways, and Royal Dutch KLM Airlines. Royal Air Maroc and Turkish Airlines are going for N1.4 million , whereas German Lufthansa Airlines is charging N1.5 million on the same Lagos/ London route.

The Nation