Information has just emerged that with effect from April 19, 2022, some foreign airlines’ electronics would start accepting issuing of tickets in United States Dollars and no more in Naira.
This new policy was caused as a result of the difficulty in repatriating airlines’ huge funds stuck in Nigeria and other countries coupled with foreign exchange APG, an interlining tickets agreements by some foreign airlines in its travel advisory to its trade partners entitled, APG IET: Restrictions of Sales in US dollars, 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 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.”
This will surely create chaos amongst travellers as sourcing foreign exchange from Banks has become very difficult; a situation that may have led to high fares as many can only resort to the black market to source foreign exchange at an exorbitant rate.
Indications showed that airfares especially in the Business Class of many foreign airlines have almost doubled.
Presently, a Business class ticket on British Airways and Virgin Atlantic has risen to between N2.7Million and N2.8 million from N1.8Million and N1.9 million.
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A travel agent who confirmed the development and said the carriers sell the cheaper classes only if they are available added that airlines are selling higher so they can meet the demand of repatriating money home with a profit.
According to information gathered, Nigeria presently holds $283 million ((about N117.6 billion) worth of foreign airlines’ funds in the country. The funds are proceeds from sales of foreign airlines’ tickets among others that are trapped in Nigeria.
The $283 million (N117.6 billion) foreign airlines’ trapped funds are huge but a sharp reduction from $800m trapped in the Central Bank of Nigeria (CBN) four years ago.
The Minister of Aviation, Senator Hadi Sirika, once said the sector needed the support of the CBN through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign exchange.
His words: “Aviation business suffers from issues of foreign exchange by local and foreign airlines and their inability to repatriate blocked funds. Nigeria currently holds $283 million worth of foreign airlines fund in the country. I humbly ask for the support of the Central Bank of Nigeria (CBN) through the directives of President Muhammadu Buhari, to aid access of both local and foreign airlines to foreign.”
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