Founder of the Omega Power Ministry (OPM), Apostle Chibuzor Chinyere, has suspended all overseas scholarships sponsored by his organization following the depreciation of Naira to a new low of N1,170 per dollar in the parallel market.
According to Daily Times Nigeria, the Nigerian currency depreciated by N105 or 9.8 percent compared to the N1065 in the last few days.
Reacting to the new development, the clergyman announced via Facebook on Wednesday that until there is a significant improvement with regard to the valuation of the Naira, the ministry would discontinue its scholarship program at the University of Benin Republic after the current session, while the Nigerian university scholarship would continue.
He said, “All overseas scholarship is hereby suspended. We shall continue to pay the school fees, accommodation, and the OPM free restaurant in Benin Republic till graduation.
“But we would not be adding anymore new students for now until CFA exchange to Naira improves, but only Nigerian university scholarship will continue for now until the dollar and CFA improves.”