How CBN New Forex Policy Affects Students in Diaspora

Last week, when the Central Bank of Nigeria, CBN, rolled out its foreign exchange monetary policy, it was perceived by many Nigerian students as a step in the right direction aimed at alleviating the suffering of the citizenry, especially those who do business in foreign currency. According to CBN,...

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Bibliographic Details
Published inAllAfrica.com
Main Authors Vanguard Lagos Dayo Adesulu, Tare Youdeowei, Elizabeth Uwandu, Ogbakpah, Tivere
Format Newsletter
LanguageEnglish
Published Washington Disco Digital Media, Inc 02.03.2017
Subjects
Black markets
Currency
Diaspora
Fees & charges
Foreign exchange rates
Higher education
Medical students
Students
Transfer of funds
Tuition
United Kingdom > UK
Ukraine
Nigeria
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Summary:Last week, when the Central Bank of Nigeria, CBN, rolled out its foreign exchange monetary policy, it was perceived by many Nigerian students as a step in the right direction aimed at alleviating the suffering of the citizenry, especially those who do business in foreign currency. According to CBN, applicants seeking foreign currency shall also present a duly completed Form "A", admission letter and invoice from the school. Following the policy declaration and execution, the different Naira/Dollars exchange rates in Nigeria as at February 21, 2017 are as follows; Pilgrims rate N197/$, PPPRA Model rate N285/$, Budget 2017 rate 305/$, Interbank rate N315/$, International bank rate N319/$, Travelex rate N345/$, Special funds airlines N355/$, Western Union rate N375/$, School fees/BTA N378/$, Bureaux de change N380/$ and Black market N520/$ Students' ordeal Joseph Arinze Edochie, a year six medical student of Ternopil State Medical University,Ukraine, disclosed that though the move of the Federal Government was a welcomed, the directive would be cumbersome for students, considering the long procedures necessary to transcat. According to U.S. Embassy:"Approximately 8,000 Nigerian students are currently studying in U.S. higher education institutions and 18th in the world for international U.S. higher education enrollment." Black market solution "My bank keeps telling me that I have to source funds from the black market to pay fees. Initially my Dad will pay Naira in my account while I withdraw pounds but Nigerian banks stopped allowing pounds withdrawal based on a CBN directive, so I had to result to transferring the...