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Nigerian Students Abroad Face Hardships As Naira Plummets, Tuition Fees Soar
Eko Hot Blog reports that the free fall of the Nigerian Naira against foreign currencies, notably the US dollar and British pound, has left many Nigerian students studying abroad and their parents grappling with skyrocketing tuition fees.
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The drastic depreciation of the Naira, exacerbated by the removal of the rate cap in June 2023, has taken a toll on families attempting to finance their children’s education overseas.
Since the removal of the rate cap, the Naira’s value has plummeted, with the national currency falling from 471/dollar to 750/dollar and 589.4/pound to 957.2/pound by July 2023.
As of January 24, the Naira further declined to 887/dollar and 1133/pound.
The parallel market, where most individuals meet their forex needs, saw the Naira exchanging at 1,420/dollar on Friday, adding to the financial strain faced by those in need of foreign currencies.
Students and parents have expressed their concerns over the impact of these currency fluctuations on tuition fees, visa fees, and other associated costs.
Nigerian students studying abroad find themselves grappling with the challenge of unpredictable exchange rates, making it difficult to budget for their education.
Moyosore Salami, a Nigerian student in the UK, shared the difficulties he and others are facing, stating, “I have a lot of people that have gone back home due to the dollar rate. It’s really crazy. My first week in the UK, pounds was around N680, as today the pound is around N1,970.”
Seth Akande, studying in Canada, emphasized the ongoing struggle with the devaluation of the Naira, stating, “Now you can’t plan for how much you will be converting or you are likely to pay with the steady increase in rate.”
Aisha Umar, studying in Malaysia, highlighted the challenges faced by students due to the devaluation of the Naira, noting that expenses like tuition fees have become more expensive.
The situation has led to the disruption of admission processes for some students. Confidence Chujor, attempting admission into a Canadian university, stated, “The devaluation of naira has really affected me in the sense that the money I kept for my schooling is no longer enough for me.”
Parents are equally affected, with Mrs. Nwachukwu Mary expressing her frustration, stating, “This exchange rate is finishing us. Sending money to my kid is taxing because when they change it, it amounts to nothing.”
As the Naira continues its decline, travel agents report increased desperation among Nigerians, with some selling properties to fund international travel, while students abroad face challenges paying tuition fees, leading to dropouts.
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The President of the National Association of Nigerian Travel Agencies, Susan Akporiaye, acknowledged the rising costs but noted that the demand for international education remains high despite the financial strain.
The economic challenges are not limited to tuition fees, as airfares to various destinations have surged.
Flight costs to London from Lagos, for instance, now exceed N1 million, adding to the financial burdens faced by Nigerians amid the currency devaluation.
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