The current spike in the exchange rate of the dollar to the naira may be taking its toll on the country’s foreign-exchange-dependent aviation sector as airline operators seek to increase their fares by 45 per cent.
The dollar exchange rate, which currently stands at N350, according to the airline operators, has further pushed the cost of running the business beyond them.
Some operators said that their plight was not helped by the Nigerian Civil Aviation Authority (NCAA) disapproval of a new airfare regime that should have officially gone up by 45 percent, to keep pace with the dollar rate.