Adamimogo FM Nigeria
  • News
  • Sports
  • Politics
  • Business
  • Entertainment
  • Health
  • Education
  • Finance
  • Foreign
Notification
  • More
    • About Us
    • Contact
    • Blog
    • Privacy Policy
Reading: Foreign education forex allocation tumbles 83% — CBN
  • Adamimogo 93.1 FM Lagos
  • Adamimogo 105.1 FM Ibadan
  • Adamimogo 107.7 FM Ado-Ekiti
  • Adamimogo 103.1 FM Abeokuta
Adamimogo FM NigeriaAdamimogo FM Nigeria
Font ResizerAa
  • Adamimogo 93.1 FM Lagos
  • Adamimogo 105.1 FM Ibadan
  • Adamimogo 107.7 FM Ado-Ekiti
  • Adamimogo 103.1 FM Abeokuta
Search
  • News
  • Sports
  • Politics
  • Business
  • Entertainment
  • Health
  • Education
  • Finance
  • Foreign
Follow US
© Copyright 2025 Adamimogo FM Nigeria | Powered By HBTech Nigeria
FinanceNews

Foreign education forex allocation tumbles 83% — CBN

hbtechng
Last updated: July 25, 2024 8:57 am
By
hbtechng
Published July 25, 2024
172 Views
5 Min Read
Share
5 Min Read
SHARE

Nigerians spent $38.17m on foreign education between January and March 2024, according to data from the Central Bank of Nigeria’s first-quarter 2024 statistical bulletin.

The amount spent crashed by 83 per cent from $218.87m recorded in the same period of last year.

However, on a quarter-by-quarter basis, there was an increase of 54 per cent from $24.82m spent in Q4 2023.

The year-on-year decrease in FX spending for foreign education occurred amid a crash in international student enrolment at United Kingdom universities earlier this year.

A survey conducted by Universities UK across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programmes. This January saw a 44 per cent decrease in such students compared to the previous year, a reduction greater than anticipated.

This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.

Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year.

In February this year, the Governor of the Central Bank of Nigeria, Yemi Cardoso, said that the amount spent on foreign education and medical tourism contributes to Nigeria’s foreign exchange challenges.

In a detailed presentation to the House of Representatives, Cardoso highlighted that an alarming $40 billion has been expended on foreign education and healthcare, a factor contributing to the devaluation of the Naira.

The CBN governor decried 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.

Also, in February this year, it was reported that the CBN planned to introduce stringent measures on the purchase of foreign currencies through Bureau De Change operators, with a specific focus on transactions related to overseas education and medical expenses.

As part of the apex bank’s revised regulatory guidelines for BDCs in Nigeria, there will be 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.

It also stipulates that such transactions must be accompanied by a set of documents: a duly filled out e-Form A, proof of admission or course registration, the educational institution’s bill or invoice, and, for postgraduate studies, a copy of the undergraduate degree certificate or an officially verified statement of results.

In addition to educational fee regulations, the CBN is implementing a limit of $5,000 per annum for foreign currency transactions concerning medical bills abroad.

Similar to the educational fee transactions, funds for medical bills will be transferred directly from the BDC’s domiciliary account to the medical facility, supported by comprehensive documentation.

This includes a completed e-Form A, a referral letter from a recognized specialist doctor or hospital in Nigeria, valid travel documents, and a letter from an overseas medical professional detailing the cost of treatment.

The proposed guidelines were eventually approved in May 2024 by the apex bank, which may further limit the amount of FX spending on foreign education and medical tourism.

Share This Article
Facebook Whatsapp Whatsapp LinkedIn Telegram Copy Link Print
What do you think?
Love0
Sad0
Joy0
Happy0
Angry0
Surprise0
Wink0
Previous Article Dangote, local refineries to end fuel importation
Next Article Nationwide protest: NGF promises to enhance security
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad image

You Might Also Like

Drama as Rangers, Enyimba match abandoned after pitch invasion

By
hbtechng

Poll results: Netizens bicker over Atiku, Obi pairing ahead of 2027 election

By
hbtechng

Oshoala: My love for photography

By
hbtechng

Cooking gas price rises by 70.12% in May — NBS

By
hbtechng
Adamimogo FM Nigeria

Adamimogo FM Nigeria: A vibrant tapestry of dreams, a powerful conduit for unity, and a platform that sparks inspiration.   With every broadcast, we aim to light the way forward, connect hearts, and empower voices across South West Nigeria, and beyond. Tune in, and be part of something truly transformative.

Quick Links

  • About Us
  • News Updates
  • Privacy Policy
  • Categories:
  • News
  • Sports
  • Politics
  • Foreign
  • Business
  • Finance
  • Entertainment
  • Metro Plus
  • Education
  • Health

Our Socials

Adamimogo 93.1 FM Lagos
Facebook Twitter Instagram Tiktok Youtube
Adamimogo 107.7 FM Ekiti
Facebook Twitter Instagram Tiktok Youtube
Adamimogo 105.1 FM Ibadan
Facebook Twitter Instagram Tiktok Youtube
Adamimogo 103.1 FM Abeokuta
Facebook Twitter Instagram Tiktok Youtube
© Copyright 2025 Adamimogo FM Nigeria | Powered By HBTech Nigeria
  • News
  • Sports
  • Politics
  • Business
  • Entertainment
  • Health
  • Education
  • Finance
  • Foreign
Voice of Adamimogo
Get weekly updates on trending programs, engaging talk shows, top music hits, exclusive interviews, and local events, all delivered straight to your inbox. Whether you're tuning in for news, entertainment, or community stories, Adamimogo FM keeps you informed and inspired.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?