Soaring Airfares Amid Forex Crisis: Nigerians Struggle to Travel
Travellers in Nigeria are grappling with mounting disappointment and frustration as airfares continue to skyrocket, making it increasingly challenging for them to embark on their desired trips. The country’s economic uncertainties coupled with the recent currency fluctuations have left many passengers feeling disheartened.
A few weeks after President Bola Tinubu pledged to unify the nation’s multiple exchange rates, the central bank decided to float the naira at the Investor’s and Exporters’ Window of the foreign exchange market. Consequently, the value of the naira plummeted from N471 per dollar to N867 per dollar.
The drastic devaluation of the naira has had a severe impact on Nigerians, especially those intending to pursue their studies abroad, with international students facing unpredictable fluctuations in foreign exchange rates.
As a direct consequence, the prices of air tickets have surged, making international travel significantly more challenging, particularly when compared to neighboring countries like Benin and Ghana, where airfares remain notably cheaper.
However, the policy of floating the naira has done little to alleviate the situation. The rising exchange rates have trapped foreign airlines’ funds within Nigeria due to a scarcity of dollars in the market. This has created a problematic scenario for Nigerians who depend on affordable flights for their travel needs.
Ade Johnson, one potential traveller, expressed his concern about the noticeable increase in airfares over the past few months. Many Nigerians, he noted, are now exploring alternative travel options, with some opting to fly via Benin Republic where air tickets are more affordable and the distance from Lagos is short.
The forex situation has also compounded the challenges faced by Nigerian students studying abroad. Increased tuition fees, visa expenses, the International Health Surcharge, and the need to provide proof of sufficient funds for maintenance have become additional financial burdens for them.
Success Apiaka, one of the affected travellers, shared her frustration with the unforeseen changes that disrupted her travel plans and budget. She was compelled to make significant adjustments to her financial planning, cutting down on various expenses, and maximizing every penny to meet the current exchange rate.
In anticipation of economic difficulties ahead, Apiaka took proactive measures to secure her travel plans, booking her flight early and paying her tuition in advance.
Similarly, Aisha Abdullahi found her travel plans significantly affected by currency fluctuations and the single exchange rate policy. The value of her budget dropped drastically, and she was forced to explore selling off properties and liquidating investments to cope with the financial hurdle.
Furthermore, the dramatic rise in flight prices has pushed many travellers to consider alternative routes, including flying through Benin Republic, although this option presents its own set of challenges and additional costs.
As the forex crisis persists, Nigerians continue to adapt and navigate the complexities of international travel amidst the fluctuating economic landscape.
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