Economy

Expect 45% Hike in Air Fares—FAAN

Published

6 years ago

28/05/2020

By Adedapo Adesanya

The Federal Airports Authority of Nigeria (FAAN) has said airline operators may increase fares by 45 percent once the aviation sector kick-starts operations.

The sector has been under ‘lockdown’ following the closure of the airspace by the federal government for over a month. The airports are expected to be reopened on June 7 if the coast is clear.

The General Manager, Corporate Affairs of FAAN, Mrs Henrietta Yakubu, speaking at an aviation webinar organized by Women in Aviation (WIA) Nigeria with the theme Aviation: The New Norm in the post COVID-19, said that air passengers should also expect delays and long hours of checks and re-checks right from when they arrive at airport .

“Passengers should expect that airlines will charge more in terms of airfare, the International Air Transport Association (IATA) said that there would be 45 percent increase in fares,” Mrs Yakubu said.

She, however, assured that arrangements were in the works towards the reopening of the nation’s airports soon.

Mrs Yakubu also said escorts of VIPs would no longer be allowed to follow their principals into the terminal and that such principals would be subjected to all health checks.

“Passengers are expected to leave their home early hours before their flights to go through the various checks before entering the terminal and after.

“We are going to expect flight delays, flights will experience delays from checks and re-checks. If you are travelling, I will expect a potential traveler to leave home hours before his flight.

“Why do I say this? – Because there is going to be a lot of checks in the front of the terminal we have been told that some may activities and procedures will take place in front of the terminal.

“So air travelers are expected to leave home very early so that they can get to the airport on time,” she said.

According to Mrs Yakubu, the COVID-19 pandemic has brought a lot of changes to air travel and to ensure the safety of passengers and airport users, the way of doing things before has to change.

The pandemic will make people cut down on non-essentials and lead to low demand of air travel, she said.

Mrs Yakubu restated that social distancing would be observed at all the airports as well as temperature screening, wearing of face masks, disinfection of shoes and luggage of passengers regardless of personalities.

She said: “There will be floor markings indicating where each passenger will wait on the queue, arriving passengers will also be subjected to temperature screening, physical distancing too will be observed while passengers are waiting by the carousel to pick up their luggage.

“Passengers are expected to arrive the airport with their face masks on, their luggage and pairs of shoes to be disinfected.

“Passengers are expected to observe to observe social/physical distancing.

“Passengers will subject themselves to temperature screening and departure halls will be arranged in such a way that physical distancing too will be observed.”

The General Manager Customer Service/SERVICOM of FAAN, Mrs Ebele Okoye, said there will be a cut down on louts and loiters at the terminal building and outside, saying with COVID-19 fears, there would be no room for them.

In reducing contact, the days of opening people’s bag at the airport to search what is inside should be done away with. “I will urge all the airports to consider and make provision for different kinds of passengers, social distancing, adequate information and security and more importantly, social security.”

Mrs Okoye then advised passengers to buy their tickets online, check in online and pay for their trolleys online to reduce the hours they would have to spend carrying out these activities and also save themselves the trouble of coming to the airport to buy tickets.

The webinar was moderated by the WIA President, Mrs Rejoice Ndudinachi, and featured the Airport Manager South West Airports/Airport Manager, Murtala Mohammed International Airport, MMIA, Lagos, Mrs Victoria Shin-Aba, former Rector, Nigeria College of Aviation Technology, NCAT, Zaria and other women professionals in the industry.

Economy

Four Securities Erase N51.17bn from NASD Exchange

Published

21 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.95 per cent on Friday, erasing N41.17 billion from the bourse, which had its market capitalisation at N2.567 trillion compared with the previous session’s N2.618 trillion.

In the same vein, the NASD Unlisted Security Index (NSI) decreased at the close of business by 85.28 points to 4,277.07 points from 4,362.32 points.

The price decliners were led by 11 Plc, which gave up N20.50 to sell at N200.50 per share compared with the preceding day’s N221.00 per share, FrieslandCampina Wamco Nigeria Plc dropped N16.94 to close at N155.20 per unit versus Thursday’s closing price of N172.14 per unit, Central Securities Clearing System (CSCS) Plc went down by N2.11 to N84.68 per share from N86.79 per share, and Afriland Properties Plc lost 11 Kobo to end at N16.74 per unit, in contrast to the N16.85 per unit it closed a day earlier.

During the trading day, the value of transactions jumped by 172.1 per cent to N29.9 million from the preceding session’s N10.9 million, and the volume of trades soared by 136.5 per cent to 955,096 units from the previous 403,901 units, while the number of deals went down by 11.4 per cent to 31 deals from 35 deals.

Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 68.6 million units sold for N4.7 billion.

GNI Plc also ended the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, trailed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.

Economy

Cautious Trading, Profit-taking Weaken Nigeria’s Stock Exchange by 0.66%

Published

21 hours ago

27/06/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of this week on the floor of the Nigerian Exchange (NGX) Limited ended on a negative note, with a 0.66 per cent loss on Friday.

This was influenced by sustained selling pressure and cautious trading, which forced investors into profit-taking.

Data obtained by Business Post showed that the energy sector fell by 4.66 per cent, the insurance counter dipped by 2.23 per cent, the consumer goods index depreciated by 0.96 per cent, and the banking segment shed 0.28 per cent, while the industrial goods space remained unchanged.

At the close of business, the All-Share Index (ASI) of Nigeria’s stock exchange went down by 1,531.81 points to 232,049.02 points from 233,580.83 points, and the market capitalisation dropped N983 billion to settle at N148.905 trillion compared with Thursday’s N149.888 trillion.

Aradel was the worst-performing equity after it lost 10.00 per cent to close at N1,417.50. International Energy Insurance slipped by 9.95 per cent to N5.79, Trans-Nationwide Express depreciated by 9.89 per cent to N3.28, eTranzact crashed by 9.79 per cent to N14.75, and UPDC slumped by 9.72 per cent to N28.12.

The best-performing equity for the day was Universal Insurance, which gained 6.32 per cent to close at N1.01, McNichols grew by 5.52 per cent to N8.60, Linkage Assurance expanded by 4.67 per cent to N1.57, NGX Group appreciated by 4.35 per cent to N120.00, and Transcorp increased by 3.62 per cent to N41.50.

As look at the activity level indicated that investors traded 388.7 million stocks worth N18.4 billion in 44,631 deals compared with the 393.7 million stocks valued at N19.2 billion executed in 45,813 deals a day earlier, representing a decline in the trading volume, value, and number of deals by 1.27 per cent, 4.17 per cent, and 2.58 per cent, respectively.

Economy

Official FX Market Sees Naira Dip to N1,380.93/$1

Published

21 hours ago

27/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira recorded a loss of 82 Kobo or 0.06 per cent against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, June 26, exchanging at N1,380.93/$1, in contrast to the previous day’s rate of N1,380.11/$1.

Equally, the domestic currency further weakened against the Pound Sterling in the official FX market yesterday by N6.06 to settle at N1,824.90/£1 versus the preceding session’s N1,818.84/£1, and lost N10.74 on the Euro to sell at N1,577 .58/€1 versus N1,566.84/€1.

At the GTBank forex counter, the Naira depreciated against the greenback during the session by N4 to close at N1,387/$1, in contrast to Thursday’s value of N1,383/$1, and at the parallel market, it was unchanged at N1,395/$1.

Interbank FX activity among financial institutions has fluctuated amid a sharp slowdown in forex market interventions by the Central Bank of Nigeria (CBN), as it allows demand and supply to move the market.

Also, a stronger greenback has generally put significant pressure on emerging-market currencies.

Nigeria has accessed the first tranche of a proposed $5 billion derivatives financing arrangement with First Abu Dhabi Bank PJSC, the largest lender in the United Arab Emirates (UAE).

The $5 billion facility, approved by the National Assembly earlier this year, is part of the federal government’s plan to diversify external financing sources and reduce borrowing costs. Structured as a Total Return Swap with First Abu Dhabi Bank, proceeds are earmarked for refinancing debt and supporting infrastructure financing.

If the proceeds are brought into the country through the official FX market, the transaction will increase the currency reserves or Dollar liquidity.

At the cryptocurrency market, Solana (SOL) grew by 2.2 per cent to $71.92, Cardano (ADA) gained 1.1 per cent to trade at $0.1474, Ripple (XRP) also appreciated by 1.1 per cent to $1.05, Dogecoin (DOGE) expanded by 0.9 per cent to $0.0755, and Ethereum (ETH) improved by 0.4 per cent to $1,578.84.

On the flip side, TRON (TRX) slid 0.6 per cent to $0.3203, Binance Coin (BNB) slumped by 0.3 per cent to $564.33, and Bitcoin fell by 0.2 per cent to $60,219.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.