President Mohammadu Buhari may have hinted a forex ban on Nigerians studying abroad as parents whose children pursue their educational careers abroad, are forced to rethink.
The president made this decision during an interview granted to Al Jazeera television during his trip to Qatar last weekend.
“We cannot devalue the Naira because some people have their children in schools abroad,” Buhari said in response to concerns that some Nigerian students abroad were on the verge of dropping out over inability to pay certain fees.
“We have to consider the consequences on the economy and Nigeria as a whole.
“So if some parents are finding it difficult to pay, let them return their kids to Nigeria to complete their education.”
“Those who can afford foreign education for their children can go ahead but Nigeria cannot afford to allocate foreign exchange for those who decided to train their children outside the country. We can’t just afford it. That is just the true situation.”
The president’s decision followed a discovery of the high demand for US dollars by parents of the students studying abroad who buy it to foot the tuition fees of their wards as it generates unnecessary pressure on the Naira, the local currency, which in turn affects the economy of the country.