Some travel agents have bewailed the new development in the naira-dollar transformation standard, saying the development business is yet to recover from the impact of the COVID-19 pandemic.
The Central Bank of Nigeria had in May downsized the naira as it accepted the NAFEX transformation size of N410.25 per dollar as its power trading scale, days in the wake of taking out the N379/$ rate from its site.
It was gathered that travel agencies in the country had adjusted the exchange rate being used for foreign air tickets to N460/$1 from N440/$1.
The adjustment is expected to raise the cost of tickets for international flights.
The travel agents, who spoke to our correspondent, said the increase in the exchange rate would affect air tickets.
The Chief Executive Officer, Nola Travels & Tours Limited, Olubiyi Oluwajoba, said travel agents saw the increase in exchange rate coming, adding that it was taking a toll on their businesses.
He noted that COVID-19 had hit the travel business hard and travel agencies were yet to recover from it.
One of the travel agencies visited by our correspondent in Ikeja, Lagos described the impact of COVID-19 on the travel industry as huge.
An official of the company said what was keeping the agency afloat was referrals from previous travelers.
The President, National Association of Nigeria Travel Agency, Susan Akporiaye, said the increase in the exchange rate was an issue that had been ongoing for a while.
She said, “The recent increase would not make any difference as it had been ongoing for a long time. The exchange rate has been above N400/$1 for a while.”
Akporiaye said for air travelers who were yet to book their tickets, it would have an impact on the tickets to be booked.
Ada Peter
