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Saturday, September 24, 2022

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    Airlines Are Now Booking Flights At Parallel Market Rates

    Long read but calm down and read to the end*

    As at today, one way flight ticket to London is above 300k. Any date in August is above 500k. This is a one way ticket ooo. As at last year, return ticket(going and coming back) was at 280k-350k but today just one way is much more than the return of last year.

    Do you know why? The airlines now set their flight fares at black market dollar rate. Yesterday, Turkish airline sent a mail to us stating that only C and Y class will be available on our GDS for booking. C class is the most expensive of business class and Y class is the most expensive of Economy class. They now went further to tell us that on their website, all other classes are available so I took a stroll to their website. Yes, I was seeing good rates.

    Oya buy it now. You will need a dollar account to buy it.
    Ok, how do you fund the dollar account? You will have to take your naira to black market and buy the dollar then fund your account. The equivalent is laughable and outrageous. By the time I did the calculation, what I am getting on my GDS is far cheaper than what is optainable on their website cos of the relationship they have with we the ticketing agents.

    Do you know why it’s very high and why they now set the price at black market rate? There is no dollar at the bank for them. Government is not giving them dollar. Now let me explain. When they sell to us in naira. Exchange rate is at whatever is the bank rate. So we pay to IATA in naira, IATA then goes to CBN and get dollar at bank rate and then remit to the airlines. But as at today, IATA can no longer source enough dollar from CBN. They now have to go to black market to get dollar and remit to the airlines cos they must sell their market.

    This is the true situation of NIGERIA.

    The major issue here is that we can’t even generate income in Dollar cos we do not have anything we export in exchange for dollar. We import almost everything and by so doing, we buy dollar and then purchase. But if we have something we produce, we will sell it and get paid in dollar. By so doing, there is enough dollar for us to pay foreign companies we do businesses with.

    Nigeria needs a saviour. Not just any saviour. A well grounded Economist and forward thinking leader right now. We are at the verge and final stage of total collapse. This isn’t the time to play tribe or religion. This is a time for all sit up.

    You may say you do not travel by air but my sister and brother, what is happening in your own means of livelihood. The above that I stated is the true nature of every sector of this country. I am only speaking based on my own means of livelihood

    It’s bad. Very bad. May God open your eyes.

    It’s not the time for Emilokan. It’s time to get it right.
    Any dubious personality or talk A today and mean B tomorrow should not be encouraged.

    We need young and vibrant minds now.

    We have to start producing something. Oil can no longer get us enough dollar to match the needs here. The dollar that comes in through oil is been used to service our numerous debts by the old politicians some of you campaigned and voted for.

    Youths, let’s get it right. All of us cannot Jakpa(that’s the reality). Our children needs to thank us for helping them by getting it right

    Β© Gloria Chidubem Kalu

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