Airfares Drop On International Routes Over Naira Appreciation, Air Peace Debut.

Nigeria’s air travel fares have seen a significant drop due to the appreciation of the naira and competition competition from Air Peace’s debut on the Lagos-London route. 

The naira appreciated to 1,340 per dollar on the parallel market, a 8.21 percent gain against the dollar. The large naira depreciation caused by FX reforms led to a steep rise in the International Air Transport Association (IATA) rate for ticket sales.

As of Tuesday, the IATA rate for ticket sales in Nigeria dropped from almost N1,800/$ a few months ago to N1,468/$. This drop in the rate quickly saw ticket prices drop across several destinations. Stakeholders said the reduction in ticket price by Air Peace on the London route also played a significant role in cut in prices by foreign airlines. 

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Air Peace’s maiden flight to London was already fully booked by Nigerians who have since sought cheaper tickets to London.