Tag: United Kingdom

Airfares to UK, US, others skyrocket to 55%

The official foreign currency market has witnessed a 55% devaluation of the naira versus the US dollar, which has resulted in a corresponding decrease in airfares on international routes in Nigeria. On Monday, the naira depreciated from over 900 to over 1,400 dollars due to a reassessment of the methodology used by the FMDQ Exchange, which maintains records of the official exchange rate of the country. The review was initiated in response to allegations of misleading reporting by authorized foreign currency traders made by the Central Bank of Nigeria. However, barely 24 hours after the movement of the official exchange rate, international airlines operating in Nigeria ...

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