Air ticket prices for trips from Nigeria to other countries have gone down a lot because the naira has gained value and Air Peace’s entry on the Lagos-London route has increased competition.
The strain on the foreign exchange market has lessened as the naira strengthened to 1,340 against the dollar on the parallel market on Tuesday, outperforming the rate of 1,382 on the official market.
As of Tuesday, the IATA rate for ticket sales in Nigeria has decreased from nearly N1,800 per US dollar a few months back to N1,468 per US dollar.
The decrease in the rate promptly led to ticket prices dropping at various destinations.
As an example, the price of a single ticket for a flight from Lagos to London with British Airways was N3 million for Economy Class and N11 million for Business Class, but they are now available for N1.7 million and N6.8 million, respectively.
On Lufthansa, the cost of a single trip from Lagos to London decreased from N3 million for Economy class and N9 million for Business class, to N2 million and N7 million respectively.
