Forex crisis: Passengers groan as foreign airlines hike fares

By Usman Ahmed
Kanempress
25th July 2023

Tourists and travellers are facing tough times as soaring air fares and tickets hinder them from embarking on desired trips.

Tourists and travellers are disappointed and frustrated based on the increasing costs, and economic uncertainties, causing likely stranded passengers.

Nigerian President Bola Tinubu had after two weeks of his inauguration, promised to unify the multiple exchange rates. Since then, the naira had fallen from N471/dollar to N867/$.

Movements of Nigerians, especially students studying abroad, planning to resume schools in September, had been hindered by the unpredictable fluctuations in foreign exchange rates.

The prices of air tickets had soared out of reach, hindering Nigerians especially students to travel, in comparison to cheaper air tickets of closer countries like Benin and Ghana.

Nigeria’s current policy of floating the Naira had caused havoc with the soaring of the exchange rate causing majority of foreign airlines’ funds trapped in Nigeria, and scarcity of dollars in the market.

A problematic situation for Nigerians especially students studying abroad, who rely on solely priced flights.