Nigerians to buy tickets in dollars as naira loses more value
By Jeph Ajobaju, Chief Copy Editor
Naira free fall, scarce aviation fuel, rising airport charges, and other operational problems Abuja fails to solve have compelled foreign airlines to ask Nigerians to buy their flight tickets in dollars.
Turkish Airline, Egypt Air, RwandAir, Kenya Airways and some other foreign airlines will from 19 April issue tickets in United States dollars, according to a travel advisory APG Interline E- Ticketing (IEG) issued to its trade partners.
APG IET partners flying into Nigeria are South Africa Airways, Turkish Airlines, Asky Airlines, Egypt Air, Royal Air Maroc, Middle East Airlines, Rwanda Air, and Kenya Airways.
“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 (foreign exchange) situation in the country,” the advisory said.
“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.”
The decision is bound to create chaos for travellers as sourcing forex from banks is very difficult. It will also further raise airfares as many travellers can only buy dollars in the black market at an exorbitant rates.
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Nigeria traps $283 million foreign airlines’ funds
As of 22 March, Nigeria is holding $283 million foreign airlines’ funds as proceeds from their ticket sales, among their other funds trapped in the country.
This was disclosed by Aviation Minister Hadi Sirika at the commissioning of the new international terminal of the Murtala Muhammed Airport (MMA), Lagos.
Sirika said the sector needs the support of President Muhammadu Buhari and the Central Bank of Nigeria (CBN) to facilitate access to forex for both local and foreign airlines, per reporting by Nairametrics.
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’ funds 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 exchange.
“The President is aware of the recent incident the sector witnessed relating to the scarcity of Jet A1 fuel.
“Though this is global but I wish to humbly request that the President should direct the NNPC [Nigerian National Petroleum Company] to import Jet A1 in good quantity and ask the CBN to provide forex for airlines to aid supply.
“The ministry is committed to adequate maintenance for all terminal buildings across the nation. We will ensure all passengers have access to great infrastructure anytime they use a y of the terminals.”
About APG
APG is the world’s largest passenger and cargo general sales agent (GSA) and airline representation company with offices around the globe, including Europe, Africa, and the Middle East.
Airlines on the platform include
- South African Airways
- Fly Dubai
- Kenya Airways
- Middle East Airlines
- Royal Air Maroc
- Rwandair
- Thai Airways
- Turkish Airlines
- FrenchBee
- EgyptAir
- ASKY
- Air Seychelles
- Air Algerie
- Air Namibia
- Air Panama
- Air Burkina
- Avianca
- Bangkok Airways
- Cabo Verde Airlines
- Fiji Airways
- Hong Kong Airlines
- Malaysian Air