The recent foreign exchange (FX) policy implemented by the Central Bank of Nigeria (CBN) has caused significant financial strain on Nigerian students studying abroad, particularly in the United Kingdom.
The new policy has led to a sharp increase in the exchange rate, making it more expensive for students to pay their tuition fees and cover other expenses.
Many Nigerian students and their families are now struggling to come up with the additional funds required due to the higher exchange rate.
One student explained that if she had applied for admission after the exchange rate went up, she would have needed about N17 million instead of the N6-8 million previously required.
Another student’s family is now looking for an extra N7-8 million to cover the increased costs.
The Form A application, which allows customers to purchase funds at the CBN or interbank rate for service transactions such as school fees, has become more frustrating and challenging to process.
One student shared her experience of needing N1.8 million in April, but now requiring N3.1 million due to the new policy.
Despite the floating of the naira, banks are still receiving a high number of FX requests.