Foreign Exchange: Nigerians Spend $39.66bn On Foreign Education, Medical Tourism – CBN Report - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (A.M)
March 28, 2022
According to CBN’s Balance of Payments, Nigerian parents and
guardians paid about $28.65bn for their wards to study abroad during the
period under review.
The BoP report also revealed that Nigerians paid $11.01bn for
healthcare-related services in foreign countries.
The amount spent on these foreign services is almost equivalent to the
current value of the country’s foreign reserves which stood at $39.51bn
as of March 23, highlighting its high cost.
These statistics and their impacts were cited in a financial report released
last week titled, “A Simple and Factual Explanation of Nigeria’s
Exchange Rate Dynamics.”
According to the report, the high cost of these services has drastically
increased the demand for foreign exchange in the country, which has put
a strain on the value of the naira to the dollar.