"It was sold for N3.5 million": Expert speaks on new economy tickets price to UK, US
==========

Yinka Folami, the President of the National Association of Nigeria Travel Agencies (NANTA), expressed concerns about the decline in Nigeria's travel industry despite its gradual stabilization. He attributed the decline to the difference in the exchange rate for ticket sales, which is higher than the black market rate. Tourists are encouraged to source foreign currency through the black market for cross-border ticket purchases. Folami also mentioned the 40% market share loss reported a few months ago and the issue of cross-border currency exchange. He claimed that foreign airlines operating in Nigeria prevented passengers from purchasing tickets due to difficulties in returning the revenue made from ticket sales. However, the Central Bank of Nigeria (CBN) has released 98% of the detained funds, and the cost of fares has gradually dropped. Economy tickets to London now range from N1.2 to N1.5 million, and for the US, the average is between N1.5 and N2 million, compared to the previous price of N3 million to N3.5 million. The lower inventory fares have been opened, resulting in a 40% drop in fares. The Nigerian government is also working on enabling Nigerian airlines to run overseas routes, particularly to the United States and South American countries.

#Nigeria #TravelIndustry #Economy #ExchangeRate #TicketSales #BlackMarket #ForeignCurrency #CentralBankOfNigeria #Nanta #Airlines

https://www.legit.ng/business-economy/industry/1599652-sold-n35-million-expert-speaks-economy-tickets-price-uk-us/