MAKE IT SIMPLE FOR US TO PURCHASE CURRENCY FOR OUR COSTS.

· JUST IN: CBN terminates the Naira4Dollar fraud and announces the fusion of FX windows

Under the auspices of the National Association of Nigerian Students (NANS), Nigerians studying abroad have urged President Bola Tinubu to make it simple for them to obtain Form M, which allows them to obtain foreign currency to pay their tuition.

They had just praised the President for his student-friendly initiatives since entering office a month ago.

The President, Comrade Abdulrazak Abubakar, released a statement on Wednesday that the students used to express themselves. “Comrade Abdulrazak Abubakar, the leader of the National Association of Nigerian Students in Diaspora, is grateful to Mr. President, His Excellency Asiwaju Bola Tinubu, for his dedication to the Nigerian Student Community. For students in Nigeria, the signing of the student loan bill ushers in a new era.Mr. President, Nigerian students residing abroad hope that the new educational system will include them as well because, in reality, they are not living in a paradise. For instance, one of the difficulties we have is the difficulty of remitting tuition fees via Form A. ”Form A is a channel through which international students can obtain foreign exchange at the official rate instead of obtaining additional funding to obtain the same on the black market in order to pay all of their academic fees and expenditures. Therefore, the insurmountable obstacles continue to be the Nigerian banks' slowness and lack of responsiveness in sending the money to the students' individual institutions and accounts.

In light of the foregoing, we team up with our sister association in Nigeria, NANS, to urge the government to address the Form A problems as a workable solution to the problem of money transfers to students' overseas accounts and institutions. With this step, our faith in a government that genuinely cares about Nigerian students is restored, the statement said.

JUST IN: CBN terminates the Naira4Dollar fraud and announces the fusion of FX windows

With effect from June 30, the apex bank discontinued the RT200 program and the naira4dollar remittance plan.

The Nigerian forex market would be combined, according to the Central Bank of Nigeria (CBN).

In a statement released on Wednesday, the apex bank said that all windows have collapsed into the Investors & Exporters (I&E) window.

This action is a part of the Nigerian government's efforts to increase market stability and liquidity and draw foreign capital into the country's economy.

With effect from June 30, the apex bank discontinued the RT200 program and the naira4dollar remittance plan.

The bank has eliminated the segmentation of the foreign exchange market into various windows, according to a news release issued by Angela Sere-Ejembi, Director of Financial Markets.

From this point on, all transactions must go through the Investors and Exporters (I&E) window, where market forces will determine the exchange rate. Deposit money banks would continue to process applications for medicals, school fees, BTA/PTA, and SMEs, it stated.

In an effort to rebalance the country's monetary policy, the CBN had earlier on Wednesday stated that the Naira had sharply declined versus the US dollar at the Investors and Exporters window.

According to reports, the CBN ordered banks to lift the restriction on the investors' and exporters' (I & E) window of the foreign exchange market in order to allow the naira exchange rate to float freely.