Nigeria's central bank implemented a measure in June to allow the currency to devalue on the official market, aiming to unify the exchange rate and address years of over-valuation. Consequently, the currency's value dropped by 40% in July, as reported by the Nigerian Exchange in Lagos.

While this move is expected to benefit Nigeria's economy in the long run, it has created challenges for students intending to enrol in overseas courses in September 2023, as well as for those already studying abroad.

Bimpe Femi-Oyewo, educational lead at Nigerian agency Edward Consulting, expressed the frustration of many students, saying that careful financial planning before the currency devaluation has been disrupted: "You’ve planned, you’ve saved, you’ve calculated your money, you’ve done excel sheets, you’ve done cost analysis and then boom."

Rotimi Olorunfemi, a master's student and president of the Nigerian Students' Society at the University of Bradford, highlighted that students' budgets for school fees have been affected by the currency policy change, necessitating an increase in the funds they need to cover their education expenses.

Those students who are already studying abroad face difficulties in affording their tuition fees, as their money's value has significantly decreased. Additionally, they encounter delays in transferring funds via Nigerian banks due to the high demand for foreign currency.

In response to the situation, some UK universities, including the University of Bradford, have adjusted payment deadlines to accommodate these delays. Nevertheless, some students have reported serious challenges, with some even facing the possibility of dropping out of their courses.

The devaluation has also impacted students planning to begin overseas courses in the upcoming autumn. They now struggle to meet the proof of funds threshold required to secure a visa, as they had previously saved based on a different exchange rate. Consequently, they find themselves having to demonstrate almost double the amount of funds they initially expected.

This shift in financial requirements has led some students to consider alternative destinations, such as Finland, Spain, and Malta, which may be more financially feasible.

Christianah Daini, senior placement manager at Nubi Education, noted that many students are grappling with the challenge of balancing their aspirations with the new financial realities they face. Beatrice Adegbiji, a placement officer at the same agency, mentioned cases where individuals have had to reconsider their study plans or explore more affordable options.

Jamie Hastings, director at My International Office, emphasised that institutions should take steps to support Nigerian students better, such as offering larger discounts to alleviate the financial burden. Some students are making additional payments to institutions to reduce the required savings for their study visa applications.

Despite the difficulties, students remain hopeful for an improvement in the situation. However, the current circumstances are described as excruciating, and they are eagerly awaiting a positive change.