We Will No Longer Allocate Forex For Students Studying Abroad- President Buhari

President Muhammadu Buhari has confirmed that Nigeria will no longer be able to source for foreign currency for parents whose children are studying abroad because its putting so much pressure on the Naira and in turn affecting the economy.

The president who said the demand for forex by parents who wants to pay their children and family school fees and other payments abroad is becoming unbearable for the Central bank and negatively affecting the  Nigerian economy.

In his words President Buhari said "those who can afford foreign education for their children can go ahead but Nigeria cannot afford to allocate foreign exchange for those who decide to train their children outside the country. We can’t just afford it. That is the true situation we are in.” he however advised those who wants to make such payments to source for forex from alternative sources like parallel market to obtain dollars for their ward school fees payment.

Speaking on the state of the economy recently, President Buhari said his government will go against the advice of the International Monetary Fund IMF that the Naira should be devalued noting that it portends a negative effect on the economy which will further worsen the situation adding that Nigeria is purely an importing nation.