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Nigeria’s Central Bank Governor, Olayemi Cardoso, has attributed the recent increase in the dollar exchange rate to the rise in Nigerian students studying abroad and foreign medical trips.
He stated that the high cost of living remains a concern and that the CBN is working to bring lasting solutions and reduce inflation to 21.4% through improved agricultural productivity.
Cardoso highlighted the volume of transactions on the market, which reached over 800 million dollars, and the urgency of the matter.
He also mentioned that there is an increasing demand for dollars due to the projected increase in Nigerian students studying abroad, which is projected to have exceeded 100,000 by 2022.
Education and medical tourism are also contributing to this demand.
