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The affected students had reportedly requested forex from their banks in Nigeria and asked the banks to remit the money to their universities’ accounts, yet the funds were not processed in time. Obianuju Akpo-Edewor, the general manager of Michael and Ralph Consult, an overseas education service firm based in Lagos, said the solution to the students’ crisis is for the Nigerian government to review its forex policy immediately.

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None of the blogs or other sources of information is to be considered as constituting a track record. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results. However, the unending demand for foreign exchange by Nigerian students, as well as other persons such as importers and those seeking medical care abroad, has always been met with scarcity, sometimes prompting the apex bank to cut the forex supply.

Customers would be able to exchange any amount of foreign currency for rubles at any time, it added, and cash withdrawals from foreign currency accounts at Russian banks will be limited to $10,000 until September 9. In many cases, if international students do not pay their fees on time, they are at risk of having their student status frozen or withdrawn. Should this happen, their visas might be revoked because they will no longer be considered a student in a foreign university. We introduce people to the world of trading currencies, both https://totalheadline.com/dotbig-review-what-you-need-to-know/ fiat and crypto, through our non-drowsy educational content and tools. We’re also a community of traders that support each other on our daily trading journey. Akpo-Edewor said although there are a number of international payment platforms that students can use to pay their tuition, the platforms also offer forex at the black market rate. “We call on the CBN to make available foreign exchange … to the Nigerian students in the diaspora for their comfort and well-being,” Akinteye Babatunde, the national vice president said in a statement.

What’s priced in for the Fed, BOE, SNB and ECB this week

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• As with all such advisory services, past results are never a guarantee of future results.
• In our crypto guides, we explore bitcoin and other popular coins and tokens to help you better navigate the crypto jungle.
• The fact that the students were unable to have their Form A processed necessitated NANS UK to write a letter to Ambassador Sarafa Ishola, the Nigerian high commissioner to the UK, urging him to use his good offices to resolve the crisis.
• Asian shares were mostly higher and oil prices rose Monday after the European Union and the Group of Seven democracies agreed on a boycott of most Russian oil and a price cap of $60 per barrel on Russian exports.
• According to a statement to University World News, a “small number” of Nigerian students have been affected.

“We have advised all our students to not live in the UK illegally and obey the authorities. Those who have managed to pay the enrolment fee but were late were also asked to go home. The students are literally stuck after spending so much to come to the UK,” he said. Micheal Obakhavbaye, the NANS UK president, said there have been similar reports of cancelled enrolments from Nigerian students at other universities and some of them have been contacted by the UK Visas and Immigration and told to return to Nigeria, adding that some have since left the UK. The ruble hit an all-time Forex low against Western currencies on Monday after Russia was hit by unprecedented Western sanctions targeting the central bank and major financial institutions. “Now, parents who can afford it make direct payments to their children’s UK schools, and that is outrageous because it means they would buy forex at the black market rate,” Akpo-Edewor told University World News. Spokesperson Stella Harkness said the school is aware of the complexities of making payments, including delays at banks, and that it has been working with student representatives to resolve the issue.