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Airfares skyrocket as exchange rate hits N702/$
The development came barely one week after the Central Bank of Nigeria floated the naira and directed commercial banks to sell foreign exchange at market-determined rates.
As part of its moves to end multiple exchange rates that have left to the exit of several investors from Nigeria, the CBN last week introduced new forex guidelines aimed at unifying the nation’s exchange rate.
Among others things, the CBN said all forex windows should be collapsed into the Investors &Exporters Window.
About 24 hours after the decision, the naira traded at 664.04/dollar at the I&E window. Two days later, the local currency closed at 702.19/dollar at the close of business on Thursday.
Following the development, findings Monday revealed that exchange rate adopted by the International Air Transport Association for ticket pricing in Nigeria rose to N702/dollar.
In previous months, the exchange rate adopted by international airlines for ticket pricing had risen consecutively from about N445/dollar to about N660/dollar about two weeks ago.
However, the latest move by the CBN has made IATA to adopt the exchange rate on the I&E Window.
Prior to the latest development, IATA used to adopt NAFEX rate published on the FMDQ Exchange.
Travel operators told our correspondents that ticket prices had gone up significantly with several operators raising concerns the hike in the exchange rate could mar the summer travel plans of many Nigerians.
The President of the National Association of Travel Agents of Nigeria, Susan Akporiaye, while reacting to the current development, expressed disappointment lamenting that passengers would suffer the most from the increment.
“Fares will definitely increase and passengers have to pay more. As a result, Passengers won’t travel as much as they should and this will affect travel agents,” she said.
Also, the Chief Executive Officer, Corporate Travels, Mr. Akande Diran, while reacting, said, “Around mid-June, ticket prices always go up. We call it peak period. This is so because many people often go on vacation during this period. Apart from this, the rising exchange rate will lead to higher ticket prices.”
The development came amid difficulty in repatriating millions of dollars of ticket sale proceeds by foreign airlines in Nigeria.
However, experts believe the latest move by the CBN will ease the process.
Regional Vice President, Africa and Middle East, IATA, Kamil Alawadhi, said the trapped funds had risen to $812m as of April 2023. He spoke at the IATA Annual General Meeting held in Istanbul two weeks ago.
A Catholic priest from Nigeria who was on a pastoral mission to the United States of America has taken his own life after the expiration of his visa and following prevailing new visa policy of the USA.
Reverend Father Benjamin Okwy Madu (Father Ben) as he was fondly called by his parishioners, aged 54, took his own life Thursday evening, July 2, 2026 after he reportedly expressed unwillingness to go back to Nigeria because he had fallen in love with the community of Cape Ann, the city of North Shore including the parishioners.
Boston Archbishop Richard G. Henning sent a message to fellow priests confirming that Father Ben took his own life.
Local law enforcement and the Essex County District Attorney’s Office investigated the scene and noted that no foul play was suspected.
“Sincerely, it is not my wish to return home right now, but circumstances beyond my control have warranted that my time in the United States come to an end,” Father Ben wrote.
“My heart is broken, yet my joy remains. I will miss the home I found away from home… I will deeply miss the seaside, where I often drive to after Mass to call my family and hear about their Sundays.” he was reported to have posted a farewell message on the parish newsletter.
Father Ben, a 54-year-old Nigerian national from the Diocese of Abakaliki, had been serving as a beloved hospital chaplain and parish priest on the North Shore of Massachusetts since 2021.
His R-1 religious worker visa was expiring, and he was ordered to return to Nigeria. Just days before his death.
The Boston Globe reported that he had expressed deep fears about what would happen to him upon returning to Nigeria, where clergy frequently face severe perils, including violence and kidnapping
The outbreak is said to have spread across several ISWAP enclaves, exposing worsening sanitary conditions and the dwindling availability of medical care within the insurgents’ camps.
Security analyst Zagazola Makama disclosed the development in a post on X, citing intelligence sources familiar with the situation.
According to the sources, two other ISWAP fighters who contracted the highly infectious disease were allegedly executed by members of the group after efforts to treat them in Kimba village proved unsuccessful.
The incident is believed to reflect the increasingly difficult conditions inside the terrorist camps, where sustained military offensives have disrupted supply routes and severely limited access to medicines, healthcare and other essential resources.
Intelligence sources said the combination of poor hygiene, inadequate medical facilities and mounting operational pressure has left many of the insurgents vulnerable to disease outbreaks.
The sources further disclosed that military commanders have been advised to intensify efforts to intercept medical supplies and pharmaceutical products suspected of being destined for terrorist hideouts. Security officials believe cutting off access to healthcare supplies could further weaken ISWAP’s ability to treat injured or sick fighters and reduce the group’s operational capacity.
While the reports have not been independently verified, the development is seen as another indication of the mounting challenges facing the insurgent group as security forces continue sustained operations across the North-East.
The development was disclosed on Friday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
In a shared post on his verified X handle, Onanuga simply announced that the victims had been released by their abductors.
“Finally, all the kidnapped pupils and teachers in Orire, Oyo have been rescued by our security agencies,” he wrote.
As of the time of filing this report, details surrounding their release, including whether any ransom was paid or the circumstances leading to their freedom, had yet to be disclosed.
The abductions occurred on May 15, 2026, when armed men attacked three schools; Community Grammar School, Baptist Nursery and Primary School, and L.A. Primary School, in the Esiele and Yawota communities of Oriire Local Government Area.
No fewer than 39 pupils and seven teachers, including a principal, were taken during the attacks.
During the attack, a teacher, Joel Adesiyan, was killed while attempting to escape.
Another teacher, Michael Oyedokun, was beheaded in the kidnappers’ den.
The terrorists holding the victims had reportedly made a four-point demand before agreeing to free the captives, including the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The Oyo State Government had consistently maintained that no ransom would be paid to secure the release of any victims.
The incident had triggered weeks of public anguish, with the Nigeria Union of Teachers embarking on a month-long strike in the state to press for the victims’ rescue before suspending the action in July.
It also drew federal intervention, with military and police authorities repeatedly assuring Nigerians that operations to secure the victims’ freedom were ongoing.
Reactions have trailed to trail the disclosure by the Minister of Defence, Mohammed Badaru Abubakar, that Nigerian soldiers now earn a minimum monthly salary of N100,000 following recent welfare reforms by the Federal Government.
Veterans and serving personnel have described the amount as grossly inadequate in the face of Nigeria’s rising cost of living, while some accused the Federal Government of failing to implement a more substantial salary review promised months ago.
The criticism comes amid renewed concerns over troop welfare, military funding, and the effectiveness of efforts to boost morale among personnel battling insecurity across the country.
A retired soldier, Abdul Isiak, argued that the current salary falls far short of what is needed to meet basic living expenses.
“It is not enough at all. What is N100,000 in the current situation of the country? It cannot go far. They should do better. If soldiers are paid more, they will be more motivated and committed to their duties,” he said.
Another retired military officer, Sergeant Zaki Williams, questioned the accuracy of the figure disclosed by the minister and described the amount as inadequate for personnel who risk their lives in service to the nation.
“I doubt if they are even paying up to that amount now. Even if they are, it is too little. Any government paying a soldier N100,000 in today’s economy is not serious enough about the welfare of its troops,” he said.
Williams noted that soldiers face enormous challenges and deserve better remuneration and working conditions.
Also reacting, the Coordinator of the Coalition for Concerned Veterans, Abiodun Herbert-Durowaye, said the salary does not reflect the sacrifices made by military personnel.
“How can that be sufficient for someone putting his life on the line for the country? Consider the cost of food, housing, transportation, and children’s education. N100,000 is far from adequate for those responsible for protecting the nation’s peace and security,” he stated.
The reactions followed comments by the Minister of Defence during an interview with News Central, where he disclosed that the minimum monthly salary of soldiers had increased from N49,000 to N100,000 under the current administration.
According to the minister, the Federal Government has made deliberate efforts to improve troop welfare despite funding challenges facing the military.
“When they started, a soldier was collecting N49,000 monthly. We tried so hard, now he’s collecting N100,000,” he said.
Musa, however, acknowledged that the defence sector remains underfunded and requires greater financial support to effectively address the country’s security challenges.
The minister also advocated stricter penalties for kidnapping, including the possibility of introducing the death penalty for convicted kidnappers, arguing that stronger deterrents are necessary to curb the growing wave of abductions across the country.
The debate over soldiers’ welfare comes at a time when the military continues to confront multiple security threats, with stakeholders insisting that improved remuneration, better equipment, and enhanced welfare packages are critical to boosting morale and operational effectiveness.
The Nigeria Immigration Service (NIS) has announced that travellers in the United States seeking Nigerian visas must now submit their applications directly at Nigerian diplomatic missions following the termination of its contract with a third-party visa processing company.
The new directive, which takes immediate effect, ends the role previously played by Online Integrated Solutions (OIS Services), which had been responsible for receiving and processing Nigerian visa applications through its centres across the United States.
In a statement issued on Thursday, the NIS Public Relations Officer, Akinsola Akinlabi, said visa applicants are now required to submit their documents directly at the Embassy of Nigeria in Washington, D.C., or at the Nigerian Consulates in New York and Atlanta until further notice.
The immigration service did not state the reason for ending its partnership with OIS Services.
However, Akinlabi assured applicants that adequate measures have been put in place at the embassy and consulates to ensure a smooth transition. He added that visa submission, processing and approval would continue without disruption.
He also urged prospective travellers to monitor the official communication channels of the Nigeria Immigration Service and Nigerian diplomatic missions in the United States for updates on visa application procedures.
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