The Central Bank of Nigeria (CBN) said that between January and June of 2023, Nigerians who wanted to attend overseas colleges paid around $340.84 million in application fees.
When compared to the previous quarter, the number represented a significant decrease of 44.28 percent.
In April, Nigerians spent $40.54 million on education abroad; by May 2023, that number is expected to rise to $48.81 million, according to statistics that track spending on educational services in the foreign exchange sector.
According to Jerrymusa.com Spending on international students dropped significantly in June 2023, to the tune of just $32.61 million.
When compared to the $218.88 million spent in Q1 2023, this represents a significant decline of $96.92 million, or 44.28 percent.
The performance drop is $124.42 million, or 50.5%, when comparing the first half of 2023 to the same time the previous year.
The lack of meaningful reciprocity in terms of cash going back into the local education sector from international academic institutions is the most worrisome aspect of the data.
Due to the current FX harmonisation policy, which has made it very difficult to obtain foreign money from the CBN, many students have turned to Bureau de Change operators to satisfy their currency exchange needs. This is common because banks take too long to process the necessary Form A.
This revealed a notable increase in the number of study visas given to Nigerians, as confirmed by recent statistics obtained from the British Home Office. There were 65,929 visas issued as of June 2022, a 222.8 percent increase from the 20,427 issued at the corresponding time in 2021.
The CBN struggles to meet accumulated forex demand in the formal market, forcing individuals and businesses to turn to the shadow economy.
Declining investments and lower crude oil exports, which together make up more than 90% of Nigeria’s export revenue, have led to a decrease in the country’s dollar inflow in recent years.