- Nigeria's forex market came under intense pressure from Nigerian students studying in international universities
- Newly released data shows that the students demanded over $500 million from banks in just four months
- Experts have consistently blamed the demand pressure for forex as the main reason Nigerian currency, the naira is depreciating
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!
This was disclosed in the most recent statistical bulletin released by the CBN on its website.
The forex was processed across various banks including Access, Guaranty Trust Bank, and Zenith Bank among others.
Banks forex sale
In 2021, under the leadership of Godwin Emefiele, the CBN announced the discontinuation of forex sales to Bureau De Change (BDC) operators, which were primarily used by students, and instructed banks to fully process the requests.
PAY ATTENTION: Follow us on Instagram - get the most important news directly in your favourite app!
The statement reads:
"DMBs are directed to set up teller points at designated branches across the country to serve FX requests for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions amongst others.
Breakdown of the purchase
According to the CBN, over $500 million was processed between October 2022 and March 2023.
A detailed breakdown reveals that in October 2022, banks released $96.19 million for foreign education purposes, while in November 2022, a total of $125.29 million was made available for the same purpose.
In December 2022, the disbursed amount was $93.12 million, and in January 2023, it was $91.45 million.
In February 2023, a minor drop occurred with only $74.03 million released. March 2023 saw a modest decline with disbursement of just $53.40 million, as reported by the CBN.
It is anticipated that the amount will increase during the second quarter of 2023 (April to June 2023).
Breakdown of the amount required to relocate to the UK for singles, married
In another report, Legit.ng disclosed that a Nigerian residing abroad published a comprehensive estimate of how much it may cost to migrate to the United Kingdom.
Although he clarified that it is only an estimate, his study is sure to give direction to Nigerians travelling as singles, married couples, and families
The number of Nigerians leaving for the UK is at an all-time high, mainly via studies.