Home Banking & Finance Nigerians spent $340.84bn on foreign education — CBN

Nigerians spent $340.84bn on foreign education — CBN

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The Central Bank of Nigeria, CBN, has said Nigerians seeking admissions to foreign universities spent $340.84m to fund their application between January and June 2023.

This is according to CBN’s data on the amount spent on educational services under the sectoral utilisation for transactions valid for foreign exchange.

In April 2023, $40.54m was spent on foreign education and $48.81m was spent in May 2023.

A significant decrease was recorded in June 2023 with $32.61m spent.

When compared with $218.88m recorded in the first quarter of 2023, which is a decrease of $96.92m or 44.28 per cent.

Also, the quarter performed poorly when compared with figures from the second quarter of 2022 with a performance decrease of $124.42m (50.5 per cent).

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