According to a release issued by the regulatory body, the Central Bank of Nigeria (CBN) had issued a circular on 17th April, 2015, directing that “Pricing of any product shall continue to be in Naira only and it is illegal to price or denominate the cost of any product or service (visible or invisible) in any foreign currency.”
The NCAA in its statement said it is disturbed by reports that some foreign airlines are declining to accept Nigeria’s local currency – the Naira as payment for tickets.
In other words, some foreign airlines have blatantly resorted to selling tickets only in foreign currency. This act is considered insensitive to passengers who have elected on their own volition to choose the airlines for their travel.
This is also contrary to the provisions of the Bilateral Air Services Agreement (BASA) between Nigeria and other countries as contained in Article 8 (4).
As a consequence of this action, the regulatory authority has written warning letters to such erring airlines to immediately comply with the provisions of BASA and CBN directive. Sales of tickets and services should henceforth be offered to air travellers in Naira without further delay.
However, the Federal Government of Nigeria has taken measures to ameliorate the subsisting foreign exchange issues.