Naira equivalent of tuition fees for Nigerian students living in the UK has increased by over 60 per cent following President Bola Tinubu’s decision to unify the nation’s multiple exchange rates.
The naira has fallen from N471/dollar to N750/dollar and N589.4/pound to N957.2-1015/pound since the Central Bank of Nigeria floated the Naira at the Investors and Exporters’ Window of the foreign exchange market.
Commenting on the development, a Nigerian student residing in Manchester, Adejoro Deborah told Punch;
“This policy is affecting those of us here and even intending students. My sibling has had to forfeit her admission because of this policy.
“Many students have fallen victim to online scammers just because they want to buy pounds, a friend of mine, for example, was a victim of third-party purchase as the banks at home are not dependable.”
Another Nigerian, who is currently studying at Liverpool John Moores University, told the publication that he became stranded after the school withdrew his access to the school portal after failing to raise the required 4,800 pounds to complete his tuition, LindaIkejiblog reported.