Nigeria’s Forex Utilisation for Foreign Education Falls By 83%

Data from the Central Bank of Nigeria (CBN) has indicated that Nigerians have spent $38.17 million on foreign education expenses in the first quarter of 2024

This amount reflects an 83% decrease from the $218.87 million spent during the same period last year. However, there was a 54% increase from the $24.82 million spent in the last quarter of 2023. 

The decline in foreign exchange spending for education coincides with a significant drop in international student enrollment at UK universities. 

This decrease poses financial challenges for universities, as highlighted by data from Universities UK and Enroly. 

The Governor of the CBN, Yemi Cardoso, previously emphasised the impact of foreign education and medical tourism expenses on Nigeria's foreign exchange challenges, attributing it to the devaluation of the Naira.