Connect with us

NEWS

Airline Prices Soar As Exchange Rate Hits N702/$

Published

on

Airline Prices Soar As Exchange Rate Hits N702/$

 

Airfares on Nigerian flights to a variety of locations in Europe, North America, the Middle East, and other foreign cities have surged as the exchange rate for ticket prices has reached N702/$.

 

Less than a week had passed since the Central Bank of Nigeria floated the naira and ordered commercial banks to sell foreign currency at rates set by the market.

 

The CBN last week released new forex guidelines aimed at unifying the country’s exchange rate as part of its efforts to stop different exchange rates that have caused some investors to leave Nigeria.

 

The CBN recommended collapsing all FX windows into the Investors & Exporters Window, among other things.

 

About 24 hours after the decision, the naira traded at 664.04/dollar at the I&E window. Two days later, the local currency closed at 702.19/dollar at the close of business on Thursday.

 

Following the development, exchange rate adopted by the International Air Transport Association for ticket pricing in Nigeria rose to N702/dollar.

 

In previous months, the exchange rate adopted by international airlines for ticket pricing had risen consecutively from about N445/dollar to about N660/dollar about two weeks ago.

 

However, the latest move by the CBN has made IATA to adopt the exchange rate on the I&E Window.

 

Prior to the latest development, IATA used to adopt NAFEX rate published on the FMDQ Exchange.

 

The development came as summer travel season began a week ago with ticket prices rising by 25 per cent.

 

Travel operators told our correspondents that ticket prices had gone up significantly with several operators raising concerns the hike in the exchange rate could mar the summer travel plans of many Nigerians.

 

The President of the National Association of Travel Agents of Nigeria, Susan Akporiaye, while reacting to the current development, expressed disappointment lamenting that passengers would suffer the most from the increment.

 

“Fares will definitely increase and passengers have to pay more. As a result, Passengers won’t travel as much as they should and this will affect travel agents,” she said.

 

Also, the Chief Executive Officer, Corporate Travels, Mr. Akande Diran, while reacting, said, “Around mid-June, ticket prices always go up. We call it peak period. This is so because many people often go on vacation during this period. Apart from this, the rising exchange rate will lead to higher ticket prices.”

 

The development happened when foreign airlines in Nigeria were having trouble returning millions of dollars in ticket sales proceeds.

 

However, experts think the CBN’s most recent action will streamline the procedure.

 

The trapped cash have increased to $812m as of April 2023, according to Kamil Alawadhi, regional vice president for Africa and the Middle East at IATA. He addressed the IATA Annual General Meeting two weeks ago in Istanbul.

NEWS

FCT Police Chief Inspects Worship Centres, Commends Residents for Peaceful Conduct

Published

on

Governors Contributing To Political Violence

The Commissioner of Police, Federal Capital Territory (FCT) Command, CP Ahmed Muhammad Sanusi, has inspected security deployments at churches across the territory, urging officers to maintain professionalism and vigilance during religious activities.

The inspection was disclosed in a statement issued on Sunday by the FCT Police Public Relations Officer, SP Josephine Adeh.

Sanusi conducted the inspection on November 8, 2026, to assess the operational readiness of personnel deployed to worship centres and evaluate security arrangements for residents and worshippers.

SEE ALSO: October 1 Protests: FCT Police Call For Increased Vigilance Among Residents

The exercise followed a similar inspection of mosques across the FCT on Friday, November 6, as the Command sustained efforts to strengthen security around religious centres.

During the visits, the police commissioner charged officers to remain professional and responsive in the discharge of their duties.

He also commended residents for their peaceful and orderly conduct following mosque and church services, noting that public cooperation remained essential to maintaining security and public order across the territory.

The commissioner urged residents to continue cooperating with the police and other law enforcement agencies, remain security-conscious and promptly report suspicious persons, movements or activities to the nearest police station.

He further encouraged residents to utilise the Command’s emergency lines, 08032003913 and 08061581938, to report security concerns.

Adeh said the Command’s Public Relations Office remained open and accessible to members of the public for enquiries, complaints, information and other security-related matters.

The FCT Police Command reiterated its commitment to protecting residents and worshippers and maintaining security across the Federal Capital Territory.

Continue Reading

NEWS

2027: Shettima Arrives in Uyo for APC Presidential Campaign Rally

Published

on

Who is Senator Kashim Shetima, Tinubu's running mate

Vice President Kashim Shettima has arrived in Uyo, the Akwa Ibom State capital, for the All Progressives Congress (APC) presidential campaign rally ahead of the 2027 general elections.

The development was disclosed on Friday by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications in the Office of the Vice President.

Akwa Ibom occupies a strategic position in President Bola Ahmed Tinubu’s Renewed Hope Agenda, with major federal investments expected to strengthen infrastructure and economic activities across the state.

SEE ALSO: 2027: Shettima Arrives in Lafia to Rally Support for Tinubu’s Re-election

One of the major projects is the Lagos–Calabar Coastal Highway, which has an approximately 82.8-kilometre stretch passing through Akwa Ibom.

The project, according to the statement, “promises improved connectivity, expanded trade, greater investment and new economic opportunities for communities across the region.”

Beyond infrastructure, the administration’s interventions in education, agriculture, healthcare, youth empowerment and social protection are also designed to improve livelihoods and broaden economic participation.

The Nigerian Education Loan Fund (NELFund) is among the initiatives highlighted, complementing Governor Umo Eno’s investments in roads, aviation, tourism and human capital development.

The statement noted that the Uyo rally provides “another opportunity to strengthen the APC’s growing political presence in the South-South and make the case for continuity in 2027.”

 

 

Continue Reading

NEWS

Elohor Aiboni Honoured with DTN@100 Changemaker Award

Published

on

Executive Vice President and Country Chair, Shell Companies in Nigeria, Elohor Aiboni was among 100 people honoured with the DTN@100 Award.

She joined a list of distinguished recipients recognised by the Daily Times newspapers. The contributions of the awardees to national development will be documented in a special publication, titled Nigerian Grand Book.

Daily Times which started publication in 1926 gave the awards as part of its centenary celebrations in Lagos. The centenary theme is: “Honouring the Past, Shaping the Future.” Chairman, Folio Media Group and Publisher Daily Times of Nigeria Fidelis Anosike said: “We proudly celebrate Elohor Aiboni, Executive Vice President and Country Chair of Shell Companies in Nigeria, for her well-deserved recognition at the Daily Times Heroes Award. As a visionary female leader, Elohor has shown that true leadership is defined by action. Her forward-thinking policies continue to drive real, positive change across our nation.”

In her response, Elohor said: “Although this award is presented to me, I do not regard it as mine alone. I share it with my colleagues across the Shell Companies in Nigeria, our partners, and the many people I have had the privilege of working with and learning from over the years.”

Elohor was commended for her achievements in a career in the energy industry that started in Shell in 2002. In addition to serving in operational roles within and outside Nigeria, she has worked as asset manager for Bonga, leading up to her appointment as Managing Director of Shell Nigeria Exploration and Production Company Limited (SNEPCo) in 2021, the first female to hold the post. Early this year, she took up the role of Executive Vice President and Country Chair, Shell Companies in Nigeria, also the first female and Nigerian to hold both roles.

READ ALSO: “8216;The Panic Is Real” Atiku Accuses APC of Plot to Weaken ADC

In her acceptance speech, Elohor also called for concerted efforts towards educating the girl-child. She said: “If we are serious about shaping Nigeria’s future, we must be equally serious about educating and empowering the Nigerian girl child. Education provides not only knowledge, but also confidence, choice and the opportunity to contribute meaningfully to her community and country.”
Photo Caption – L-R: Energy and Investment Solicitor, Sam Aiboni; Executive Vice President and Country Chair, Shell Nigeria, Elohor Aiboni; actress Rita Dominic; and Daily Times Chairman, Fidelis Anosike, during the award presentation at Harbour Point, Lagos.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x