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CBN Release $533.48m for Foreign Education, “Japa” Students in 6months

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CEM REPORT, EDUCATION | The Central Bank Of Nigeria (CBN) has released a total of $533.48 million for foreign education between October 2022 and March 2023.

According to the recent statistical bulletin issued by the CBN, a total amount of $96.19m was released in October 2022, while $125.29 million was made available for foreign education in November 2022. In December $93.12 million was disbursed for foreign education.

Furthermore, $91.45 million January 2023 while $74.03 million was released in February 2023. In March 2023, the sum of $53.40 million was disbursed for foreign education according to the CBN records.

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Analysis of the data shows there was a reduction in amount disbursed through the banks in 2023 from the disbursement in 2022.

It is worth noting that data presented is before the present administration’s exchange window unification.

Although experts believe that the amount for the second quarter of 2023 between April and June 2023 may be greater, considering the recent unification of the exchange rate by the CBN.

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This also implies that the number of Nigerians seeking to join the “Japa” train through the education route will continue to rise.

The hope of the naira gaining strength may never see fulfillment as the strain from emigrating students will increase especially as they have been compelled to buy dollars from parallel market traders as banks take too long to process their dollar request.

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