Air fares to rise further as foreign airlines FX rate hit N634/$ -

Foriegn airlines operating in Nigeria have again raised Rate of Exchange, (RoE) from N610 per dollar to N634 per dollar.

The implication of moving the airline FX rate to N634 per dollar implies that passengers would be paying more for international fares.

The development follows the rising of foreign airlines’ trapped funds which have now surpassed $800million.

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Airlines trapped funds in Nigeria saw a sharp rise from $744million in March to $802 million in April despite several means deployed to avoid collection of their funds in naira, so as to reduce the amount of money trapped in Nigeria.

It was also gathered that the rate has risen three times in three months. In March 2023, the rate was increased from N460/$ to N551/$ and also in April to N610/$. In May it has risen to N634 per dollar.

Bankole Bernard, chairman of Airlines and Passengers’ Joint Committee (APJC) of the International Air Transport Association (IATA) who confirmed the rise said the N634 new rate is slightly lower than the black market rate.

Ifeoma Okeke-Korieocha

Ifeoma Okeke-Korieocha is the Aviation Correspondent at BusinessDay Media Limited, publishers of BusinessDay Newspapers. She is also the Deputy Editor, BusinessDay Weekender Magazine, the Saturday Weekend edition of BusinessDay. She holds a BSC in Mass Communication from the prestigious University of Nigeria, Nsukka and a Masters degree in Marketing at the University of Lagos. As the lead writer on the aviation desk, Ifeoma is responsible and in charge of the three weekly aviation and travel pages in BusinessDay and BDSunday. She also overseas and edits all pages of BusinessDay Saturday Weekender. She has written various investigative, features and news stories in aviation and business related issues and has been severally nominated for award in the category of Aviation Writer of the Year by the Nigeria Media Nite-Out awards; one of the Nigeria’s most prestigious media awards ceremonies. Ifeoma is a one-time winner of the prestigious Nigeria Media Merit Award under the 'Aviation Writer of the Year' Category. She is the 2025 Eloy Award winner under the Print Media Journalist category. She has undergone several journalism trainings by various prestigious organisations. Ifeoma is also a fellow of the Female Reporters Leadership Fellowship of the Wole Soyinka Centre for Investigative Journalism.