LIVE UPDATES
International airlines have adjusted the exchange rate for selling tickets to Nigerians, setting it at N803/$1.
The International Air Transport Association (IATA) recently notified stakeholders about this change, transitioning the IATA exchange rate from N776.90/$1 to N803.90/$1.
In response to the recent depreciation of the naira, where demand for foreign exchange outstrips supply, they have advised ticket agencies to finalize any pending ticket sales before the close of business on Monday to prevent potential ticket price increases.
RocketParrot reported that the exchange rate depreciated to N803.9/$1 on the I&E window, marking its weakest level to date, which seems to be the rate currently adopted by the airlines.
However, a quick check on the FMDQ portal shows slight improvements, with the rates closing at N795.28/$1. The NAFEX rate closed at N772.21/$1, indicating that rates may continue to fluctuate based on market realities.
Airlines started using the exchange rate at the I&E window as a benchmark for ticket sales after the Central Bank revised guidelines for the forex market operations.
Meanwhile, on the parallel market, the exchange rate depreciated to N820/$1 on Monday, while peer-to-peer traders exchanged at about N818/$1.
