Parents in Nigeria who have children studying abroad are facing significant challenges as they struggle to raise foreign exchange to fund their children’s education. The falling value of the naira and the scarcity of foreign currencies have made it difficult for parents to pay tuition fees, living expenses, and other associated costs. The naira’s value against major foreign currencies, such as the United States dollar and the pound sterling, has been experiencing significant fluctuations, leading to increased costs for parents.
Due to the scarcity of foreign exchange, parents are finding it challenging to access the necessary funds to pay for their children’s education. Some parents have resorted to purchasing foreign currencies from the parallel market at higher rates, causing financial strain and frustration. The situation has become even more complicated since the floating of the naira, which has led to increased patronage of the parallel market.
Students studying abroad have also been impacted, as some institutions may not accept forex for tuition payments. Some students have reported difficulties in meeting payment deadlines due to the unavailability of foreign exchange.
Despite efforts by the Central Bank of Nigeria (CBN) to manage the allocation of forex for essential transactions such as school fees, the challenges remain significant. The situation has led to increased stress and financial pressure on parents, with some contemplating transferring their children to cheaper schools or withdrawing them from foreign universities altogether.
The forex crisis has affected a wide range of individuals, from middle-class families to civil servants and businesspeople. Many are calling on the Nigerian government to intervene and find solutions to the challenges faced by parents and students due to the scarcity of foreign exchange.
Overall, the forex challenges have had far-reaching consequences on families and individuals who have children studying abroad, impacting their ability to access education and fulfill their dreams.