Between January and March 2024 it was estimated that Nigerians spent $38.17m on foreign education according to data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin.
The amount spent fell by 83 per cent from $218.87m recorded in the same period of last year.
Olayemi Cardoso in a detailed presentation to the House of Representatives highlighted that an alarming $40 billion had been expended on foreign education and healthcare, a factor contributing to the devaluation of the Naira.
The CBN governor went further to decry the amount of pressure in the foreign exchange market amidst forex scarcity, which adds to the depletion of naira value.
While there was a decrease year-on-year in foreign exchange spending for education services, there was a significant increase in health-related and social services.
The CBN data showed that there was an increase of 122 per cent from $1.04m in Q1 2023 to $2.31m in the same period this year. There was also an increase of 485 per cent from $0.39m recorded in the last quarter of 2023.
In holding the grip of the monetary side of the economy, the CBN gave regulatory guidelines for BDCs in Nigeria, that demands a cap on foreign currency purchases for school fees at $10,000 per customer annually. This process requires the transaction to be conducted through the BDC’s domiciliary account with a Nigerian bank, ensuring direct payment to the educational institution.
