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The International Air Transport Association (IATA) has issued a statement clarifying that it is not responsible for determining the exchange rate applied to international flight tickets in Nigeria.
Recent reports had suggested that IATA was behind the hike in exchange rates.
However, IATA has explained that airfares for international flights from Nigeria are denominated in US dollars and converted into the local currency, the naira, for sale in the Nigerian market.
The conversion process uses the official prevailing exchange rate provided by the country’s financial system.
IATA simply applies the spot rate at which the Central Bank of Nigeria sells USD through banks to the market at its fortnightly retail foreign exchange auctions.
The rate is not static and will fluctuate based on the rate at which the CBN sells USD.
The recent increase in exchange rates for international air tickets in Nigeria has led to a significant increase in airfares for international airlines operating in the country.
