Index to Nigerian Newspapers

The recent floating of naira has taken its toll on international airfares with ticket prices on several routes increasing by about 40 per cent, checks by Daily Trust have shown. From N665 last week, the exchange rate for international flight booking was pegged at N770 on Wednesday, triggering an increase in air fares.

An average six-hour international flight now goes for over N2m in line with the new exchange rate, which our correspondent learnt is now dependent on the Importers and Exporters (I&E) windows following the unification of the exchange rate system. Daily Trust reports that the Central Bank of Nigeria (CBN) has quashed the multiple exchange rate as part of the economic reform of the present administration.

The floating of the naira now implies that the exchange rate would now be determined by the market forces.

The recent floating of naira has taken its toll on international airfares with ticket prices on several routes increasing by about 40 per cent, checks by Daily Trust have shown. From N665 last week, the exchange rate for international flight booking was pegged at N770 on Wednesday, triggering an increase in air fares.

An average six-hour international flight now goes for over N2m in line with the new exchange rate, which our correspondent learnt is now dependent on the Importers and Exporters (I&E) windows following the unification of the exchange rate system. Daily Trust reports that the Central Bank of Nigeria (CBN) has quashed the multiple exchange rate as part of the economic reform of the present administration.

The floating of the naira now implies that the exchange rate would now be determined by the market forces.