Godwin Emefiele, who is in charge of the Central Bank of Nigeria (CBN), says that the naira keeps falling against other foreign currencies because Nigerian students want to study abroad.
Emefiele said this at the Chartered Institute of Bankers Nigeria (CIBN)’s 57th Annual Bankers Dinner, which was held in Lagos.
He said that the number of student visas given to Nigerians by the United Kingdom rose from an average of about 8,000 visas a year in 2020 to almost 66,000 visas a year in 2022. This is an increase of eight times, and it means that Nigerians will send $2.5 billion a year to the UK just for studying.
He also said that the move had put a lot of stress on Nigeria’s foreign reserves and the Naira as a whole.