According to recent data released by the Central Bank of Nigeria (CBN), Nigerians have spent over $98 billion on foreign education, healthcare, and personal travels over the past ten years.
The CBN Governor, Olayemi Cardoso, shared these figures while addressing the House of Representatives, in response to inquiries regarding the recent depreciation of the naira.
The cumulative spending of $98 billion on foreign trips, medical tourism, and overseas education surpasses the total foreign exchange reserves held by the Central Bank of Nigeria. Governor Cardoso emphasized that stabilizing the exchange rate is a key priority for the CBN but also highlighted the need for a broader societal shift in attitudes towards foreign spending.
Addressing the House, Governor Cardoso indicated that stabilizing the exchange rate requires efforts beyond the purview of the central bank alone.