Foreign exchange risk is now a major component of airfares on Nigerian routes, the country managers of top foreign airlines have revealed. Investigation revealed that the airlines operating on international routes in the country had increased airfares by as much as 100 per cent as a result of the development.
A survey of all the major Nigerian routes flown by the foreign airlines in the country showed that the cost of return tickets had been increased by between 80 per cent and 120 per cent of the previous fares, depending on the carrier, time of booking and the season. The survey cuts across Nigeria-North America routes, Nigeria-South Africa route, and Nigeria-Europe routes. Airfares on the Lagos-London, Abuja-London, Lagos-New York, Lagos-Atlanta, Lagos-Houston, and Lagos-Johannesburg routes were examined.
Meanwhile, the National Union of Air Transport Employees ,NUATE, has revealed that foreign airlines plan to sack about two thousand (2,000) Nigerian workers due to what they claimed is their inability to transfer their earnings to their respective home countries to meet operational costs in accordance with international rules because of new Central Bank of Nigeria , CBN, policy on forex and fund transfer.
In a letter addressed to the Minister of State for Aviation, Senator Hadi Sirika and made available to newsmen, Acting General Secretary of NUATE, Comrade Olayinka Abioye said the plan has destabilize the affected workers, adding that the Federal Government should wade in and prevent the huge job loss. Read more