Nigerian students seeking foreign education is to blame for the perpetual fall of Naira — CBN Governor

Ads

Godwin Emefiele, Governor, Central Bank of Nigeria (CBN) says the number of Nigerians seeking foreign education is to blame for the fall of the naira.

He said this at the 57th Annual Bankers Dinner, organised by the Chartered institute of Bankers Nigeria (CIBN), in Lagos.

The dinner had the theme, “Radical Responses to Abnormal Episodes: Time for Innovative decision-making” was appropriate and well timed. According to Emefiele, there was tremendous increase in visa issuances to Nigerians by the United Kingdom in 2022 alone.

The apex bank governor noted that the number of student visas given to Nigerians by the United Kingdom spiked from a yearly average of about 8,000 visas in 2020 to almost 66,000 in 2022, implying an eight-fold increase amounting to $2.5 billion yearly in study-related forex outflow to the UK alone.

He stated that the move had immensely put pressure on Nigeria’s foreign reserves and the Naira. According to him, due to this and the need to increase forex earnings, the CBN and the Bankers’ Committee started the RT200 scheme in February 2022.

He added that the steady increase in headline inflation from 15.60 per cent in January to 20.77 per cent in September was consistent with global trends.

REGISTER TO JOIN NAIJABLOG FREE BLOGGING PLATFORM

NaijaBlog.ng

READ ALSO  2023: CBN Governor Emefiele's Suffered setback as Court Reject His Application To Contest Without Resigning

You May Also Find This Article interesting

Economy

Real Estate Companies: 7 Things To Check Before You Buy Property From Them

real estate companies,

real estate agency,

realty companies,

top real estate companies,

property developers,

property development companies,

commercial real estate companies,

property investment company,

best real estate companies,

top commercial real estate companies,

the real estate firm,

local real estate companies,

list of real estate companies,

luxury real estate companies,

Dennis Isong,

Things To Check Before You Buy Property

Read More

ads

Be the first to comment

Leave a Reply

Your email address will not be published.


*