NANS diaspora frowns as CBN blames Nigerians studying Abroad for high exchange rate, says statement is misguided
FROM THE Office of the Director of International Related Matters to the National Association of Nigerian Students Senate President
February 07/2024.
CBN’S BLAME OF NIGERIANS STUDYING ABROAD FOR HIGH EXCHANGE RATE IS A MISGUIDED STATEMENT: NANS DIASPORA
The Director For International Related Matter To NANS Senate President, comrade Olaoluwa Araromi has frowned at the latest statement released by the Central Bank of Nigeria, casting blames of high exchange rate on Nigerian studying abroad.
In recent statements attributed to the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, where he said that Nigerians studying abroad are responsible for the high exchange rate, a wave of criticism and concern has rightfully emerged. This simplistic attribution of a complex economic issue to a single demographic group reflects a concerning lack of understanding by the governor of the multifaceted factors influencing Nigeria’s economy.
In the same vein, many Nigerian Students in the diaspora have regarded this utterance as a misguided one coming from a highly placed personality like him. This is not the first time that blames will be shifted on Nigerian Students both at home and in the diaspora. This is so because they see us as vulnerable and love to use us as a detergent to wash their dirty linen. We vehemently disapprove of this condescendence and we demand an apology from the governor with immediate effect.
Mr. Cardoso’s remarks are not only misguided but also demonstrate a disconnect from the realities faced by Nigerians, both at home and abroad. Blaming students who seek education opportunities abroad for the present economic challenges that Nigerians are facing is unjustifiable and it is simply a plough to distract Nigerians and divert our attention from their incompetence and incapability to bring about economic instability in the nation.
As a matter of fact, why are citizens of these advance countries not coming to study in Nigeria? Why must it be the other way round? Isn’t this enough to explain to the CBN Governor that things are not right in the nation? Instead of targeting Nigerian Students in the diaspora, I believe the CBN Governor should focus on addressing the structural deficiencies within Nigeria’s economy. These include issues such as inadequate infrastructure, policy inconsistencies, corruption, and a lack of investment in critical sectors. Ignoring these fundamental challenges perpetuates economic stagnation and exacerbates the hardships faced by ordinary Nigerians. Shifting blames to Nigerians studying abroad is a misplaced priority at this crucial time and it is disgruntling.
It is essential to recognize the significant contributions of Nigerians studying abroad to the country’s development. Many of these individuals acquire skills, knowledge, and experiences that can be leveraged for the nation’s benefit upon their return. Additionally, remittances from students abroad contribute to the country’s foreign exchange reserves, which can help stabilize the economy if managed effectively.
Rather than engaging in divisive rhetoric, the CBN Governor should collaborate with relevant stakeholders, including educational institutions, government agencies, and the private sector, to address the underlying issues affecting Nigeria’s economy. This collaborative approach should prioritize policies that promote investment, job creation and sustainable economic growth.
Nigerian Students, both at home and abroad, play a crucial role in advocating for positive change and holding government officials accountable. The statement issued by the Office of the Director of International Related Matters to the National Association of Nigerian Students Senate President underscores the need for collective action in challenging misguided policies and promoting the interests of the Nigerian people.
At a time when Nigerians are facing increasing economic hardship, it is imperative that government officials prioritize meaningful economic reforms that will address the root causes of economic instability and promote inclusive growth. This requires visionary leadership, evidence-based policymaking, and a commitment to transparency and accountability.
In conclusion, the CBN Governor’s remarks regarding Nigerians studying abroad and the exchange rate are not only unfounded but also indicative of a broader failure to address the structural challenges facing Nigeria’s economy. It is essential for policymakers to adopt a more nuanced and inclusive approach to economic management, one that recognizes the contributions of all Nigerians and seeks to create opportunities for prosperity for all.
SIGNED:
COMRADE OLAOLUWA ARAROMI (PURCHECHE)
Director For International Related Matter To NANS SENATE PRESIDENT
