As at 2021, a dollar was being accessed at the official rate of N444 for one dollar by airlines. But it jumped to over N577 to a dollar in 2022.
With the new regime and the harmonisation of exchange rate by the new administration, a dollar was sold at the black market on Tuesday at N702.
A source close to one of the foreign airlines operating into Nigeria confided in our correspondent on Tuesday that the new regime of N770 to one dollar would kickstart today.
According to the source, IATA had already informed its member airlines of the new benchmark. The source said: “Please, be informed that the IATA Rate of Exchange (IRoE) will increase from tomorrow (today).”