The depreciation of the naira against the United States dollar by 55 per cent at the official foreign exchange market has led to a commensurate depreciation in airfares on international routes in Nigeria, according to reports.

The naira had fallen from approximately 900/dollar to over 1,400/dollar on Monday after the FMDQ Exchange, which records data the nation’s official exchange rate, reviewed its methodology for calculating the rate.

The review came after the Central Bank of Nigeria accused approved foreign exchange dealers of reporting false figures.

However, barely 24 hours after the movement of the official exchange rate, international airlines operating in Nigeria moved the exchange rate for pricing their tickets to from about N900/dollar to N1,421/dollar.
The development led to approximately 55 per cent in international airfares on Nigerian routes.