Godwin Emefiele, governor of the Central Bank of Nigeria (CBN), has stated that the number of Nigerians seeking foreign education is to blame for the naira’s depreciation.
He claimed that the UK will issue a record number of visas to Nigerians in 2022 alone.
Emefiele stated that the move has significantly strained Nigeria’s foreign reserves and the naira.
The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has blamed the depletion of foreign reserves on the number of Nigerian students seeking foreign education. According to Nairametrics, the official foreign exchange received from crude oil sales into Nigeria’s reserves has steadily declined from more than $3 billion monthly in 2014 to zero dollars in 2022.
On Saturday, November 26, 2022, he stated this at the 57th annual bankers’ dinner hosted by the Chattered Institute of Bankers of Nigeria (CIBN) in Lagos.
The CBN governor stated that the Nigerian foreign exchange market is in a severe crisis, putting pressure on reserves and suppressing the naira’s value.