The Naira on Wednesday depreciated by 0.7 per cent at the parallel market, following the last minute payment of tuition fees abroad. The naira lost N2 to exchange at N307 to a dollar against N305 traded on Tuesday.
The Naira had relatively remained stable in the past weeks. However, the naira closed at N197 to a dollar at the CBN’s official rate. Traders at the market expressed optimism that the proposed intervention of the apex bank by selling foreign exchange to the commercial banks would shore up the naira.
Some parents, who spoke on condition of anonymity, said that it was stressful sourcing dollars to pay school fees of their children abroad. They urged the Federal Government to ensure easy access to dollars for legitimate needs. Click to signup for FREE news updates, latest information and hottest gists everyday
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IT IS UNFORTUNATE THAT NIGERIAN PARENTS STILL INDULGE IN SENDING THEIR CHILDREN AND WARDS ABROAD FOR TERTIARY EDUCATION! BY MY CALCULATION, NIGERIA HAS OVER ONE HUNDRED ACCREDITED INSTITUTIONS OF HIGHER LEARNING WITH VARIOUS DEPARTMENTS CAPABLE OF MEETING INTERNATIONAL LEVELS. ASIDE OF SPECIALIZED COURSES WHICH MAY NOT BE ADEQUATELY AVAILABLE, MY ADVICE TO PARENTS IS TO RESTRICT SENDING THEIR CHILDREN OVERSEAS FOR UNDER GRADUATE COURSES. GONE ARE THE DAYS WHEN NIGERIA COULD AFFORD SUCH EXPENSES. IN THE 1980S NIGERIA WAS EXCHANGING SEVENTY KOBO FOR ONE AMERICAN DOLLAR! TODAY, THE SAME CURRENCY IS NOW EXCHANGING FOR ALMOST THREE HUNDRED NAIRA TO THE US DOLLARS IN THE PARALLEL MARKET! THEN, THE CRUDE OIL WAS ATTRACTING HIGHER REVENUE THAN WHAT IT IS NOW. NIGERIANS, LET US ALL WAKE UP TO HELP IMPROVE THE POWER OF NAIRA BY STOPPING SENDING OUR CHILDREN TO OVERSEAS COUNTRIES. I AM CONVINCED, NIGERIA HAS WHAT IT TAKES TO IMPROVE THE LEVEL OF OUR EDUCATION TO EQUAL MOST OF THE BEST UNIVERSITIES IN THE WORLD! LET US ALL FACE THE CHALLENGES AND INVEST HEAVILY ON OUR STANDARD OF EDUCATION. CHEAP FOREIGN EXCHANGE IS NO LONGER AVAILABLE, THEREFORE WE MUST ALL LEARN THE HARD WAY TO ADJUST OUR PRIORITIES TOWARD ENHANCING OUR WEALTH IN A REALISTIC WAY.
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