Nigeria’s President Muhammadu Buhari has said that Nigeria cannot continue allocating foreign exchange for Nigerians who study abroad, saying this piles pressure on the Naira, and ultimately affects the economy of the country.
This decision follows a discovery of the high demand for the dollar by the parents of students who pursue their education abroad, to foot the tuition fees.
This is arguably one of the reasons why the Niara is consistently on the downwards.
Convinced that practice is responsible for the current free fall of the currency, President Buhari said that Nigeria can no longer continue selling dollars to parents to sponsor their wards in schools abroad.
He however said that any parent who could afford it could go ahead.
Buhari revealed this in an interview with Al Jazeera during his visit to Qatar last weekend.
“Those who can afford foreign education for their children can go ahead but Nigeria cannot afford to allocate foreign exchange for those who decided to train their children outside the country. We can’t just afford it. That is just the true situation.”
