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FOREX WOES: BRITISH AIRLINES REJECT THE NAIRA AND DEMAND PAYMENT IN DOLLARS.
Abstract：APG Interline E-Ticketing (IEG) warned in April that foreign airlines will soon stop accepting naira for tickets, and Turkish Airlines has now started selling tickets in US dollars to travelers leaving Nigeria.
APG Interline E-Ticketing (IEG) warned in April that foreign airlines will soon stop accepting naira for tickets, and Turkish Airlines has now started selling tickets in US dollars to travelers leaving Nigeria.
The revelation comes at the same time that Emirates Airlines announced it would stop operating flights to and from Nigeria as of September 1 due to a $85 million revenue shortfall.
More international airlines are considering leaving the nation due to the government's theft of their combined $600 million in revenue. The administration utilizes propaganda, misinformation, and deception to downplay legitimate domestic and international concerns.
The locked monies are not the responsibility of the aviation minister, Hadi Sirika, according to a statement he released through his public affairs assistant James Odaodu on Thursday.
The airlines announced in a message on Thursday that Nigerian customers may only pay in US dollars for tickets.
The development comes only hours after Emirates Airlines confirmed that flights to and from Nigeria will no longer operate starting on September 1.
“Dear Business Partner,” Turkish Air said. Please be aware that as of right now, only C and Y fare classes will be offered for purchase in Nigeria on GDSs. Unused tickets will be upgraded to Y and C class in cases of voluntary reissue, and the difference in fare and tax will be charged for incoming or outward travel.
Multi city trips and fares will not be merged. The Turkish Airlines website and mobile app will offer sales for all fare classes.
Economy tickets on British Airways cost $466, premium tickets cost $1,823, and business tickets cost $3,269.
The Central Bank of Nigeria's decision to restrict foreign currency belonging to foreign airlines is a factor in the decision.
The amount of money captured by the CBN from foreign airlines was estimated by the International Air Transport Association (AITA) to be $450 million.
Emirates stated in July that CBN owes them $85 million in unrepatriated cash, which they had already informed Hadi Sirika, Minister of Aviation.
Middle East Airlines, Turkish Airlines, South Africa Airways, Egypt Air, Asky Airlines, Kenya Airways, Royal Air Maroc, and Rwandair are APG IET members that fly to Nigeria.
“Dear travel partners, warm welcomes from APG,” the APG IET had stated. It is my intention to draw your attention to the fact that, starting on April 19, 2022, GP will only allow the issuing of tickets in US dollars, not Naira. This is mostly caused by problems with repatriation and the nation's forex condition.
Following the problems Nigeria is having with foreign exchange, Turkish Airlines and British Airways said they will no longer offer tickets to travelers in naira. There are worries that additional international airlines who have money stuck in the Nigerian economy may soon follow.
The airlines announced in a message on Thursday that Nigerian customers may only pay in US dollars for tickets.
The development comes only hours after Emirates Airlines confirmed that flights to and from Nigeria will no longer operate starting on September 1.
This would probably be a stopgap measure until the forex situation gets better. We apologize sincerely for any troubles this may have caused you and your company. I appreciate your understanding.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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