If the rise of dollar exchange in the Nigerian parallel market can affect the price of sachet water, then everything has already been compromised. President Muhammadu Buhari has indirectly placed a ban on Nigerians who send their children abroad to study, when he advised parents whose children are studying outside the country to have a rethink. He said this while on his previous visit to Qatar in an interview with Aljazeera. In response to concerns that some Nigerian students abroad were on the verge of dropping out over inability to pay certain fees, Buhari said:
We cannot devalue the Naira because some people have their children in schools abroad.
The decision was made following the discovery that parents spend a lot of naira purchasing dollars in order to pay tuition fees of their wards. This high rate purchase of the foreign currency has put the naira under too much pressure of late and this decline of the local Nigerian currency in turn affects the economy of the country.
According to President Buhari, the level of the pursuit of academic careers abroad is unarguably one of the reasons why the Naira is consistently on the downwards. He said that Nigeria can no longer continue selling dollars to parents who are guilty of this act. However, parents who can afford the extravagant exchange rate can go ahead at their own expense. He said:
Those who can afford foreign education for their children can go ahead but Nigeria cannot afford to allocate foreign exchange for those who decided to train their children outside the country. We can’t just afford it. That is just the true situation.
The President also frowned at those who received foreign exchange from the Central Bank of Nigeria (CBN) to buy pharmaceutical products abroad but divert the money to make more profits. He said that the culprits would be hunted down, arrested and prosecuted.
Anybody who is given dollars by the CBN to import pharmaceuticals and decided to go and sell at parallel market in order to make maybe additional N100, we will pursue them and punish them.