Nigerian students studying in the United Kingdom are facing challenging times as the value of the Naira has significantly depreciated. The Central Bank of Nigeria’s recent move to unify foreign exchange rates has caused a 60% increase in the Naira equivalent of tuition fees for these students. The devaluation of the Naira has put financial pressure on Nigerian students and their families, impacting their ability to pay tuition fees.
The UK is a popular destination for Nigerian students, with a significant number enrolling in UK universities each year. The increase in tuition fees has affected both current and intending students, with many struggling to meet the proof of funds requirement for their visa applications.
The rise in the cost of foreign exchange has also affected students’ ability to pay outstanding tuition fees, leading to withdrawal from universities and limited access to academic resources. The situation has prompted calls for government intervention to alleviate the financial burden on Nigerian students studying abroad.
The impact of the new forex policy has been widely felt, creating significant challenges for Nigerian students pursuing their education in the UK. The Nigerian government has been urged to intervene and provide support to students who are experiencing financial difficulties due to the Naira devaluation.