Nigerian students in the UK face tough times as their fees rise by 60% due to falling naira rate

NIGERIAN students studying in the UK face very tough times ahead after the naira equivalent of their tuition fees increased by over 60% following the recent move by the Central Bank of Nigeria (CBN) to unify foreign exchange rates.

About two weeks after President Bola Tinubu promised to unify the nation’s multiple exchange rates, the CBN decided to float the naira at the Investors and Exporters’ Window of the foreign exchange market. Since then, the naira has fallen from N471 to the dollar to N750 the dollar and from N589.4 to the pound to N957.2 to the pound, which has led to a 60% increase in tuition fees for students in the UK.

This rise in exchange rates has put more pressure on many Nigerians that are schooling in the UK and beyond. Historically, the UK has been one of the destinations of choice for many Nigerians and 128,770 Nigerian students enrolled in universities in the country between 2015 and 2022 according to data from the UK's Higher Education Statistics Agency.

According to the CBN, study-related foreign exchange outflow to the UK rose to $2.5bn in 2022. Nigerian students and their dependants in the UK contribute about £1.9bn annually to the UK economy, according to an analysis by SBM Intelligence but many of these students may now struggle to pay the balance of their tuition due to the sharp decline in the value of the naira.

Nigerian student Adejoro Deborah, who lives in Manchester, said: “This policy is affecting those of us here and even intending students. My sibling has had to forfeit her admission because of this policy.

“Many students have fallen victim to online scammers just because they want to buy pounds, a friend of mine, for example, was a victim of third-party purchase as the banks at home are not dependable.”

Another Nigerian student studying in Leeds explained that the major challenge was that many kept their tuition fees in their naira account at the former rate. One other Nigerian, who is currently studying at Liverpool John Moores University, has become stranded after the school withdrew his access to its portal.

His access to the university’s portal was withdrawn by the school following his failure to pay his tuition. He added that he could not raise the required £4,800 to complete his tuition and the future is looking bleak.