The President of the National Association of Nigerian Travel Agencies (NANTA), Mr. Yinka Folami, has expressed confidence that the dollarisation of Nigeria’s aviation industry will soon be a thing of the past. He declared that the practice of selling airline tickets in foreign currency is gradually fading, as the government intensifies efforts to stabilise the economy and reform the sector.
Speaking on Creative Nigeria, a cultural and tourism programme aired on Mainland 98.3 FM, Lagos, and hosted by award-winning journalist Frank Meke alongside Bunmi Bade-Adeniji, Mr. Folami stated emphatically that “there is no need to sell in foreign currency again,” describing the long-standing practice as outdated and unsustainable.
Those of us in the aviation space understand that until we have a strong Nigerian carrier to stand in the gap, these issues will persist. But I can assure Nigerians that the government is squarely addressing the issue of ticket sales in foreign currency,” Folami affirmed.
He urged Nigerians to rally behind Air Peace as a symbol of national pride, commending the airline for taking bold steps in advancing Nigeria’s aviation interests, particularly with its Lagos-London route.
“Cross-border trading in foreign currency is a crime against the economy,” he said. “Air Peace has taken the bull by the horns, and as patriotic Nigerians, we must support and pray for its success and sustainability.”
Mr. Folami also lauded the Federal Government and the Central Bank of Nigeria (CBN) for their efforts in stabilising the naira and promoting transparency within the foreign exchange market.
“The outlook for Nigeria is stable. The World Bank and IMF have both commended the government’s economic policies. The gap between official and parallel market rates is narrowing, liquidity has improved, and there is more transparency,” he added.
He emphasized that stakeholders in the travel and aviation sectors must complement government reforms through strategic collaboration and innovation.
The best way to commend the government is for industry players to give life to the reforms. The government will not come into our sector to make the change; it is our responsibility to build on the progress already achieved,” he noted.
According to Folami, NANTA currently has over 3,500 registered members, 70% of whom are youths. He said the government’s macroeconomic reforms can only translate into tangible benefits if Nigerians patronize local travel agencies and airlines.
However, he lamented that the ongoing sale of tickets in foreign currency still excludes many NANTA-certified agents from direct transactions with airlines, despite their international qualifications and compliance standards.
During the interactive session, aviation journalist Yusuf Babalola observed that policy implementation remains the major challenge, as some foreign airlines continue to charge passengers in dollars despite government directives.
“No airline is being owed; they make their money and repatriate it. Yet, they continue to price in dollars. In Japan, it’s even illegal to spend foreign currency. You must exchange your money for Yen upon entry. We need similar political will here,” Babalola said.
Another panelist, Chinelo Agina-Obogo, cited Section 20(5) of the CBN Act of 2007, which prohibits individuals or organisations from accepting foreign currency as a means of payment within Nigeria. She stressed that enforcement, not policy formulation, remains the biggest challenge.
Aviation expert Chinedu Eze also applauded Air Peace for breaking barriers with its London route, describing it as a milestone for Nigerian tourism and global visibility. However, he criticized inconsistent policy enforcement, which he said sometimes emboldens foreign airlines to flout local laws.
“What makes Air Peace’s London operations unique is the government’s full backing. Without such support, no local airline can thrive. Foreign airlines often use PR tactics to manipulate narratives. The government must remain firm,” Eze stated.
Programme host Frank Meke also commended Air Peace’s resilience, urging regulators to uphold fairness and transparency in the aviation industry.
Until we begin to name names and correct wrongs, we’ll keep going in circles. Many agencies are frustrated by this dollarisation issue, but with Air Peace in the mix, there’s hope. If foreign airlines can’t play by our rules, they should ship out,” Meke declared.
Folami, in his closing remarks, called on airlines to improve their technology systems and review harsh Airline Debit Memos (ADMs) and penalties imposed on agents, describing such practices as “outrageous and counterproductive.”
