ANNOUNCEMENT

Worship with us @ Mountain of Fire Miracles Ministries, Budapest, Hungary Address: 1081 Bp II János Pál Pápa tér 2 (formerly Köztársaság tér) Direction: From Blaha, take tram 28, 28A, 37, 37A, 62...1 stop. From the traffic light cross to the other side... Or take Metro 4 & get off @ János Pál Pápa tér
Time of worship: Wednesdays @ 18:30 hr Sundays @ 10:30 hr
Tel: +36 203819155 or +36 202016005

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Monday, 15 February 2016

EDUCATION & MONEY

Exchange rate may cause massive dropout of Nigerian students abroad

There are strong indications that the planned exclusion of more items including school fees from official foreign exchange market, may cause massive withdrawal by Nigerian students from studying abroad.


This is because aside scarcity of dollars that has hit the banking industry in recent time, most parents who spoke to Sunday Tribune on Saturday said they cannot afford to continue to pay for dollars at the prevailing exchange rate of N325 to a dollar.

A former director (now retired) of the Federal Civil Aviation Authority, Mr.Emmanuel Orji whose son is a student at the Accra Institute of Technology (AIT), Accra, Ghana, said he is considering applying for son's transfer back to Nigeria because the $1,000 school fees for foreign students which he used to pay with N200,000 has risen to N320,000 and may continue to rise.

According to Orji, "as a retired civil servant with other children to look after, my monthly income hardly feeds the family."

A top banker who preferred anonymity disclosed that there are different pressures on different banks in terms of demand, adding that over 15 per cent of the demand of the current foreign exchange that is being given to the banks is for school fees and that this level of demand is high.

According to him, it will be difficult for some parents to keep sending dollars abroad to their children because "the CBN does not have enough dollars to meet demand and we, the banks, do not have enough to sell."

With over $128million ($128,350,066.34) of foreign exchange (forex) purchased by seven banks from the Central Bank of Nigeria (CBN) on behalf of their customers, mainly for divestments from the capital market, school fees, business travel allowance (BTA) and personal travel allowance (PTA), the apex bank is considering exclusion of more items from official forex market.

Of the three invisibles - school fees, PTA and BTA - the payment for school fees abroad featured most prominently on all the lists of the seven banks within the week.

It is because of this that CBN's Director of Banking Supervision, Mrs. Tokunbo Martins, who briefed journalists on the outcome of last weeks Bankers' Committee meeting, in Abuja, said that the monetary authorities would not allow that category of demand to crowd out the productive sector of the economy in the forex market.

Also, in his remarks, the Managing Director of Access Bank, Mr Herbert Nwigwe, explained that the banks have decided to channel such forex to the real sector because those demands tend to crowd out demands to import raw materials and to support industries.

"The problem with that is the fact that it tends to crowd out the critical foreign exchange that should be used in the real sector to import raw materials, to support industries, to encourage employment. So, there is a question around how far we are going to allow this to continue. Shouldn't we redirect these resources towards the real sector as we should?" he queried.




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Editor's Mail

Love the article on Gaddafi
We must rise above tribalism & divide & rule of the colonialist who stole & looted our treasure & planted their puppets to lord it over us..they alone can decide on whosoever is performing & the one that is corrupt..but the most corrupt nations are the western countries that plunder the resources of other nations & make them poorer & aid the rulers to steal & keep such ill gotten wealth in their country..yemen,syria etc have killed more than gadhafi but its not A̷̷̴ good investment for the west(this is laughable)because oil is not in these countries..when obasanjo annihilated the odi people in rivers state, they looked away because its in their favour & interest..one day! Samosa Iyoha

Hello from
Johannesburg
I was amazed to find a website for Africans in Hungary.
Looks like you have quite a community there. Here in SA we have some three million Zimbabweans living in exile and not much sign of going home ... but in Hungary??? Hope to meet you on one of my trips to Europe; was in Steirmark Austria near the Hungarian border earlier this month. Every good wish for 2011. Geoff in Jo'burg

I'm impressed by
ANH work but...
Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in e.news. So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

My comment to the interview with his excellency Mr. Adedotun Adenrele Adepoju CDA a.i--

He is an intelligent man. He spoke well on the issues! Thanks to Mr Hakeem Babalola for the interview it contains some expedient information.. B.Ayo Adams click to read editor's mail
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