LACK OF FOREIGN CURRENCY IS FRUSTRATING NIGERIAN STUDENTS ABROAD, ACCORDING TO NANS

The National Association of Nigerian Students, or NANS, has warned that the lack of Form A, which is required to obtain foreign currency for transactions, is frustrating Nigerians who are studying overseas.

Speaking on Saturday, Comrade Akinteye Afeez, National Vice President, External, NANS, urged the Central Bank of Nigeria, CBN, to look into the process by which commercial banks in the nation distribute the application for foreign exchange.

Nigerian students who were studying overseas were subjected to humiliation and pain.

Due to the way the Form A payment application is being used, many Nigerian students in the diaspora have been subject to massive embarrassment, attack, and humiliation by the actions and inactions of our Nigerian banks. It is past time for all parties involved to band together in order to permanently end this threat.

The Central Bank of Nigeria, CBN, created the Form A application form to be used for service transaction payments. Customers can use this to pay for services like school fees, technical fees, plane tickets, BTA, and similar items. Nigerian students studying abroad or planning to do so are compelled to utilize this app as their only method of payment in order to pay their tuition and complete other transactions using foreign exchange.

They take advantage of the official rate using the Form A through our commercial banks rather than looking for foreign exchange on the illegal market themselves. This Form A has now turned into a nightmare because it no longer helps them with their problems; rather, it makes them worse year after year.

Due to the extent of fraud and corruption occurring in our Nigerian banks, the Form A is no longer valid and beneficial for students studying abroad, as formally reported to the office of the Vice President, External Affairs, NANS. This is due to the fact that our Nigerian banks only provide foreign exchange at black market rates, which many of these students cannot afford.

Let's not forget that many of these youngsters are receiving various types of scholarships to study overseas. This suggests that their financial stability is insufficient, and the skyrocketing (black market) rate of currency has prevented many people from pursuing their financial goals, leading to their withdrawal from or dropout from their studies as a result of a lack of funds. At Hull City University in the United Kingdom, some Nigerian students recently lost their scholarships. Some of them were deported to Nigeria as a result of losing their entry.

Due to the worsening foreign exchange (forex) shortage in Africa's largest economy and top oil exporter, Nigerians won't be able to use their Naira debit cards for international transactions, Daily Trust has learned.

Due to the lack of foreign currency, some banks have already informed their customers of the most recent development, while it is believed that others are closely monitoring events before implementing the policy.

This change comes after banks in the nation cut the monthly overseas spending cap on Naira cards to as little as $20 a few months ago. Up until March, when banks reduced their overseas spending, most banks had a daily cap on international withdrawals of roughly $100.

Afeez urged the CBN to take more initiative in monitoring Nigerian banks' actions, including their exploitation of the Form A option and outrageous exchange rates.

He urged Nigerian students abroad to always speak up when problems like those arise.