There are strong indications that international airfares, especially on the Nigerian routes, may skyrocket once again as the International Air Transport Association (IATA) has, on Wednesday, pegged $1 to N770.
Already, the inability of international airlines to repatriate their ticket sales for over a year has contributed to the high airfares on Nigerian routes.
On the average, a six-hour flight on economy ticket jumped from barely N400,000 in 2021 to about N1.2 million in 2022 and 2023.
In the same vein, business class ticket has jumped to between N4 million and N6 million during the same period, depending on the airline and time of booking.
The implications of the adjustment by IATA
With the new benchmark, a N1.2 million economy ticket may rise to N2 million and above, while for the business class, the fares may rise to N7 million or more.