Nigerian Students Studying Abroad Responsible For High Exchange Rate — CBN Governor

Governor of the Central Bank of Nigeria (CBN) Olayemi Cardoso

The increase in the dollar/naira exchange rate is the result of Nigerian students studying overseas, says CBN Governor Yemi Cardoso

Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has linked the recent rise in the dollar exchange rate to an increase in the number of Nigerian students studying overseas and the number of Nigerians traveling abroad for medical care.

Cardoso participated in the sectoral discussion organized by the House of Representatives in Abuja on Tuesday.

The head of the central bank stated that while the high cost of living is still a concern, the CBN is working to find long-term solutions and reduce inflation to 21.4% through increased agricultural productivity.

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🎥Credit: AriseTV

“Volume on transactions on our market was over 800 million dollars. The cost of living remains a concern. The urgency of the matter is not lost on us. We are working to bring lasting solutions. CBN worked at bringing down Inflation to 21.4 percent aided by improved agricultural productivity.

“To address exchange rate volatility we will improve liquidity. These come with economic costs, which are temporary.

“There's increasing demand for dollars with an increase in Nigerian students studying abroad, projected to have exceeded 100,000 by 2022. Given this data, 28.6bn dollars, education and medical tourism are also leading to increasing demand for dollars,” he added.