• Thursday, December 07, 2023
businessday logo


Foreign exchange crunch takes toll on Nigerian students in UK

The prevailing foreign exchange crunch seems to be taking its toils on Nigerian students in diaspora as three students were removed from the enrollment list at Swansea University, in the United Kingdom (UK), for paying fees late.

The Nigerian trio of Omolade Olaitan, Emmanuel Okohoboh, and Paulette Ojogun, paid their school fees a few hours later than expected, and have been asked by the university authority to go back to their country or defy the admission for making payment later than the stipulated time.

According to the students, “They have explained to the school that their school fees came late as a result of the cash crunch that hit Nigeria earlier in 2023.

Swansea University, UK, has, however, turned deaf ears and held on to the N3.8 million (4000 pounds) school fees while asking the students to pack their bags and go home.”

Olaitan, one of the students, explained that the deadline for the payment of her fees was March 27, 2023, but that made her payment on March 29.

“On March 29, I got an email from income tuition. They confirmed my payment and they told me that because the payment didn’t come in before the deadline, they can no longer allow me to enrol and that I should pack my bags and go back to my home country,” she said.

Okohoboh, another affected student, who got admission to start a master’s degree in Business Management, said that he had to sell two parcels of land to raise his fee only for the university to ask him to go back home.

Also readCBN moves to save the naira, to inject more dollars, warns speculators

“They are not fair, they are not compassionate, they are showing no signs of empathy.

I had to sell my dad’s land and a piece of my own personal land to get the resources to come to Swansea University to study. Coming here and going through this situation has been mentally draining and frustrating for me,” he said.

While Ojogun, another student who enrolled for a marketing management degree, also paid her fees after the deadline.

“I am happy that I am here, I am happy that I am studying, so why would you take that away from me because my school fees came in late? I’ve explained everything to them, I sent emails, and they still would not give me a listening ear,” she cried.

The Swansea University have expressed sadness over the ugly situation, but insist it cannot go against the UKV1 rules.

However, the Central Bank of Nigeria (CBN) has said it does not believe that the current naira freefall is caused by the market forces. Rather it says it is caused by speculators.

Folashodun Shonubi, the acting CBN governor said this in a broadcast, Monday, August 14, 2023, adding that the government is ready to take action to save the naira.

“I do not believe that the changes going on in the parallel market are driven by pure economics demand and supply, but I am topped by speculative demand by people,” he said.