Nigerians suspend travel to US, Europe as economy tickets hit N2.2m

In recent times, Nigerians have had to suspend their travel plans to the United States and Europe as a result of the increase in fares which has tripled as a result of the high exchange rate for ticket pricing.

BusinessDay’s investigations show that an economy class ticket from Lagos to London and Lagos to France and most European countries which cost around N1.5 million a month ago, now cost an average of N1.9million to N2.2million depending airline.

For instance a Lagos to France economy class ticket on British Airways cost about $2,500, using the N770 exchange rate to a dollar, this cost about N1.92million.

Lagos to London economy class ticket on British Airways cost about $2,800 which amounts to about N2.15million.

Lagos to London economy class ticket on Qatar Airways cost around $2,900, which amounts to about N2.23million

Also an economy class ticket from Lagos to the United States which cost about N1.7million a month ago is currently pricing between N2.2million and N2. 6million.

An economy class ticket from Lagos to the United States on Delta Airlines cost about N2.4m. The same ticket on Lufthansa and Qatar Airways cost around N2.6million.

A Business class ticket from Lagos to London, Lagos to France and most European countries which cost around N2 million, now cost an average about N2.9m to N3.4million.

A Business class ticket from Lagos to London on Lufthansa Airline cost about N2.9mIllion and N3.4million on Qatar Airways.

Also a Business class ticket from Lagos to the United States which cost an average of N2.4million a month ago now cost about N4.9 million on Qatar Airways and N6.9 million on Ethiopian airlines. Air Maroc appears to have the cheapest ticket on this route costing about N2.4million.

The cost of airfares from Nigeria to various destinations has seen a sharp rise since the exchange rate for ticket pricing hit over N760/$,

The development came a few days after the Central Bank of Nigeria (CBN) floated the naira and directed commercial banks to sell foreign exchange at market-determined rates.

By Ifeoma Okeke-Korieocha

https://businessday.ng/news/article/nigerians-suspend-travel-plans-to-us-europe-as-economy-tickets-hit-n2-2m/