Financial Experts and analysts have stated that foreign exchange demands for payment of school fees abroad is responsible for the current increase in the dollar to naira rate.
The chief executive officer, Wyoming Capital & Partners, Tajudeen Olayinka, decried Nigerians’ penchant for foreign goods which he stated also contribute to the fall in the value of naira.
This is coming against the backdrop of the sharp fall of naira at the black market exchanging for over 1,350 to a dollar.
The analyst said patronising Nigerian institutions and production of quality locally made goods and purchase of made in Nigeria products will strengthen the naira.
He said, “It is not the main factor but it’s a contributing factor even though, lots of the foreign students have parents who can sustain them by way of sending money from Nigeria to them so, that can be a factor but it’s not a major factor even when they get there, and return money back to Nigeria through diaspora remittances.”
“Penchant for foreign goods and inability to manufacture quality goods locally is contributing to fall of naira and apart from importing finished goods, we also import raw materials eventhough that helps the economy but, we import everything into this country because we don’t produce quality manufactured goods here.
“Poor and substandard education is part of the reasons our people are traveling abroad to acquire qualitative education is putting so much pressure on our currency so, we need to get somethings right to strengthen our naira,” he stated.
A Bureau De Change (BDC) Operator, Abu Dollar confirmed in a chat with our correspondents that there has been a huge demand without enough supply of dollars.
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