Nigerian Students in the UK Cry Out Over Naira Devaluation, Tuition Skyrockets By 60%

Ilesanmi AdekanbiJuly 12, 2023

3 minutes read

Nigerian students in the United Kingdom are facing a financial crisis as the naira equivalent of their tuition fees skyrocketed by over 60 per cent due to the recent devaluation of the naira by the Central Bank of Nigeria (CBN).

The CBN decided to unify the nation’s foreign exchange rates by floating the naira at the Investors and Exporters’ Window of the foreign exchange market. This caused the naira to plunge from N471/dollar to N750/dollar and N589.4/pound to N957.2/pound in a matter of weeks.

The UK is a popular destination for many Nigerians seeking quality education abroad.

According to data from the Higher Education Statistics Agency of the UK, 128,770 Nigerian students enrolled in universities in the United Kingdom between 2015 and 2022.

Nigerian students and their dependants in the United Kingdom contribute about £1.9bn annually to the UK economy, according to an analysis by SBM Intelligence.

However, many of these students are now struggling to pay their tuition fees as they have increased by about 60 per cent in naira terms.

For example, if a student had to pay £10,000 for a course in March, they would have needed about N5.9m at the rate of N589.4/£. But by July, they would need about N9.6m at the rate of N957.2/£, which is an increase of N3.7m or 62.7 per cent.

This situation has put a lot of pressure on many Nigerian students and their families who have to source for more funds or look for alternative ways to pay their fees.

Some students have resorted to using third-party platforms or online scammers to buy pounds at exorbitant rates as the banks are not reliable or fast enough. Some have even forfeited their admission or dropped out of school due to their inability to pay.

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A Nigerian student resident in Manchester, Adejoro Deborah, told The PUNCH, “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 said, “The major challenge is that many kept their tuition fees in their naira account at the former rate. Now they have to start looking for more money because the rate has gone up.

“If the official rate is not different from street rate, so what’s the essence of waiting for several weeks for your bank when you can just get it from third-party platform. It has only put more pressure on the students to look for more money.”

Another Nigerian student studying at Liverpool John Moores University has become stranded after the school withdrew his access to the school portal due to his failure to pay his tuition.

He said, “The school has withdrawn my access to its platform. As a result, I can’t check the results of my last exam. Everything is done via the platform. I cannot also access my official email given by the school. I can’t attend both online and in-person classes again. It is very frustrating, I am completely shut out.”

The depressed student said he could not get a better job because prospective employers were demanding proof that he is allowed to work as a student.

He added, “In fairness to the school, I was given several deadlines which I missed. I could not pay because I was unable to raise enough funds to buy foreign exchange. The exchange rate is very high.”

UK universities are currently on break and many Nigerian students are hoping that the naira will appreciate before they resume for the next academic session.