Following the current slide of the country’s currency (Naira) against major foreign currencies (Dollar, Pound, Euro etc.), President Muhammadu Buhari has advised parents who can’t afford to obtain foreign currency at the current parallel rate to withdraw their children from school.
Buhari, who stressed that Nigeria cannot afford to sell forex to parents of students studying abroad, added that the high demand for forex by parents of the students studying abroad has contributed to the free fall of the Naira.
In an interview with Al Jazeera’s Martine Dennis, President Buhari while responding to a question on the challenges faced by parents with kids in schools abroad, who are now facing the possibility of having to pull their kids out, simply said “If the country cannot afford it, so be it.”
When probed further about his children who obviously will continue their studies abroad, the president said:
“Those who can afford it, can still afford it. But for those who can’t, Nigeria cannot afford to allocate foreign exchange for those who decided to train their children outside the country. We can’t just afford it.
“Well, that’s the true situation we are in.”
Buhari rebuked those who received foreign exchange from the Central Bank of Nigeria (CBN) at the official exchange rate but divert same to make more profits.
“Anybody who is given dollars by the CBN to import pharmaceuticals and decides to go and sell at parallel market in order to make, maybe additional N100, we will pursue them and punish them”, the president promised.