Responding and hedging their risks, airlines operating within the Nigerian airspace have once again hiked their fares, pushing air passengers to look for unorthodox means to get lower affairs.
Media reports claims passengers now go as far as Ghana to board international flights out of the country. Some passengers basically send money to their friends and families in Ghana to help book their tickets then fly or go to Ghana by road to board their flights.
Prices have gone up by extra 30-45% compared. A Lagos to London economy ticket is now selling at USD 1,110.1 compared to about USD 800. The development would further put pressure on air passengers who might reduce their unavoidable journey.
The narrative has been the lack of Forex for airlines to repatriate funds to their headquarters. The airline association claim that NGN 90 billion of their revenue are locked up in local banks with no Forex to move them to their country of origin.
Nigeria’s foreign reserve has been under undue stress as a result of crash in global crude prices. The reserve is estimated at NGN 27 billion.
The government has used unconventional means to ration the its reserve at the same time banning some items from sourcing Forex from the official window.