The one thing that can stop you from relocating out of Nigeria presently is the simple reason that travel agencies have just received a notification directing all parties to jack up International Travel Cost for tickets sold in the country.
The Authorities prompted agencies to increase exchange rates from N420.86 to N460 against a dollar, an estimation that sums up to an 8.5% reduction in the value of the nation’s currency.
However, before issuing the order for travel agencies to adjust their exchange rate formerly placed at N420, the Exporters and Investors’ exchange window is still set at N410.11/$1.
Relocating Out of Nigeria
Travel agencies in Nigeria were advised that exchange rates will be “going from N420.86 to N460 per dollar on the Global Distribution System, GDS”, commencing Tuesday, July 13th, 2021.
It would be noted that GDS is a platform utilised by agencies in the air transport system for issuing tickets.
In the meantime, ticket issuing networks are urged to refrain from selling pending tickets with the former price, as the new rate has already taken effect.
A report explained that booking platforms such as Amadeus, Sabre, Galileo, among other outlets, all running on GDS, already have their exchange rate fixed to N460/$1.
Experts have argued that the ticket price adjustment shows the trading fluctuations of Nigeria’s exchange rate perplexity, owing to the excessive demand for dollars struggling to meet supply.