- Nigerians seeking various forms of education abroad have spent over N91 billion paying different foreign educational organisations
- The Central Bank of Nigeria (CBN) released its data saying Nigerians seeking forex for education education abroad spent $90.6 million in December of 2021
- The appetite for dollars to pay for foreign educational organisations affects and depletes Nigeria’s foreign reserves
Between December 2021 and February 2022, Nigerians have spent about N91.715 on various levels of education abroad, data obtained from the Central Bank of Nigeria (CBN) says.
The CBN data says the amount spent on educational services under sectoral utilisation for transactions is valid for foreign exchange for three months.
The Punch report says that the apex bank spent $90.68 million on foreign education in December 2021.
February sees highest spend on forex
The CBN also stated that a total of $60,202,730.84 was expended on foreign education, saying that $69.9 million was spent in February 2022 alone.
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The bank is yet to update the March, April and May records, it said that the amount spent in December 2021 and January 2022 may be subject to change in the future.
The Academic Staff Union of Universities in Nigeria has been at loggerheads with the Nigerian government over conditions of service and poor welfare of lecturers, leading to a prolonged disruption in education activities in Nigeria.
No commensurate forex inflows
Experts say that the net dollar outflows have severe effects on domestic education and create pressure on the exchange rate which further weakens the naira.
The CBN data says that Nigerians paid more than $220 million to foreign academic institutions in three months without meaningful and reciprocated forex inflows into the country.
The appetite for dollars to pay for foreign educational organisations affects and depletes Nigeria’s foreign reserves and mounts pressure on foreign exchange which devalues the local currency.
CBN says Nigerians abroad increased dollar remittances from $6 million to $100 million weekly
Legit.ng has reported that Nigeria’s apex bank, the Central Bank of Nigeria (CBN) said diaspora remittances grew from N2.4 billion to N41.5 billion weekly since the introduced the Naira4Dollar scheme.
The bank said the scheme has led to a great and meaningful improvement in the diaspora remittances into Nigeria.
According to the bank, in January 2022 alone, the scheme saw an increase from $6 million to $100 million.