The governor of the Central Bank of Nigeria has stated that Nigerians students studying abroad are the reason for the increase in the exchange rate in Nigeria.
Cardoso said this at the sectoral debate put together by the House of Representatives on Tuesday in Abuja.
He noted that the exchange rate in Nigeria has increased or depreciated due to the occurrence of two major factors – A decline in the supply of US dollars coinciding with a search in the demand for US dollars.
“Looking at the demand side of the exchange rate, it is important to note the growing number of Nigerian students studying abroad.”
He added that in 1980’s and 1990’s, the need for US dollars for their living expenses was minimum. However, recent data shows a significant change.
He noted that according to UNESCO’s institute of statistics, the number of Nigerian students abroad increased from less than 15,000 in 1998 to over 71,000 in 2015.
Cardoso claimed that by 2018, the number had hit 96,702 students according to the world bank.
He said, “Another report projects the number of Nigerian studying abroad to exceed 100,000 by 2022. Additionally, the UK’s higher education statistic agency noted a 64 per cent increase in Nigerians studying in the UK rising from 1,320 in 2019 academic session to to 21,305 by the 2020/2021 session.”