Banks have released $533.48 million for foreign education through the Central Bank of Nigeria.
The sum of the sums distributed between October 2022 and March 2023 was used to get the figure from the most recent statistical bulletin issued by the Central Bank Of Nigeria (CBN).
However, considering the recent unification of the exchange rate by the CBN, experts believe that the amount for the second quarter of 2023 sparring between April and June 2023 may be greater.
The gap between the black market exchange rate and the official rate had been huge before the unification.
The japa wave has also kept the naira under intense strain as emigrating students have been compelled to buy dollars from Bureau De Change providers since banks are taking too long to process their separate Form A.
The amount of $96.19m was released in October 2022, according to CBN records. When a total of $125.29 million was made available for the same purpose in November 2022, there was an increase.
Read also: Nigerian banks increase salaries to cushion economic downturn
The CBN announced that $93.12 million was disbursed in December 2022. Further analysis showed that $91.45 million was released for educational purposes in January 2023.
Only $74.03M was released in February 2023, which represents a minor drop in the amount. Compared to March 2023, there was a modest decline because just $53.40M, according to the CBN, was disbursed.
According to recently disclosed data from the UK’s Home Office, the number of study visas granted to Nigerians surged by 222.8%, with 65,929 being awarded as of June 2022 as opposed to 20,427 during the same period in 2021.
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