The Central Bank of Nigeria has received $533.48 million from banks to be used towards international education.
The Punch reported that the sum of the funds disbursed between October 2022 and March 2023 was used to calculate the figure that was taken from the central bank’s most recent statistical bulletin.
However, experts anticipate that given the CBN’s recent unification of the exchange rate, the amount for the second quarter of 2023 sparring between April and June 2023 may be higher.
The difference between the official currency rate and the black market rate had been extremely large before the unification.
The amount of $96.19m was released in October 2022, according to CBN records but the amount increased in November 2022, when a total of $125.29 million was made available for the same reason.
The CBN announced that an amount of $93.12 million was disbursed in December 2022. Further analysis showed that $91.45 million was released for educational purposes in January 2023.
Only $74.03M was released in February 2023, a minor reduction in the amount. Compared to March 2023, there was a modest decline because just $53.40M, according to the CBN, was disbursed.
According to recently disclosed data from the UK’s Home Office, the number of study visas granted to Nigerians surged by 222.8%, with 65,929 being awarded as of June 2022 as opposed to 20,427 during the same period in 2021.
