Business

”Our children are suffering abroad” – Parents with children abroad cry hard as Dollar scarcity increases

Published

9 years ago

February 20, 2016

As dollar scarcity worsens in Nigeria, parents who have children oversea have expressed their grieve and taken their frustrations to banks, with some of them weeping openly, as Saturday PUNCH observed.

Investigations by our correspondents revealed that the frustrations by some parents who cannot access forex to send to their children abroad have brought out their emotional sides, while affected students have been crying out for help in foreign lands.

When one of our correspondents visited some banks along Muritala Muhammed Way, Unity Road and Taiwo Road in Ilorin, the Kwara State capital, on Wednesday and Thursday, some bank customers, who were there to buy dollars, expressed disappointments at the scarcity of the currency.

One of the customers, Alhaja Salamatu Ajibola, who practically broke down in tears, lamented that the education of her two children schooling in the United States had been threatened by the development.

She added that her children had been going without food due to her inability to send them money for their upkeep.

Ajibola said that it had been difficult for her to send her children dollars for their personal and educational needs. She said she had visited one of the banks several times, hoping to send dollars to her children, only to be told that the currency was insufficient to meet customers’ demands.

Another tearful parent, who spoke to Saturday PUNCH on the condition of anonymity, in a first generation bank in Bauchi State, said it had become impossible for him to meet the financial needs of his children schooling abroad.

She said she was seeking other ways of sending money abroad due to the difficulty she was facing in getting dollars to send to her children.

“Our children abroad are crying and we parents are also crying,” she said.

“They are confused and we are also confused because we can’t send money to them and they can’t receive. They are in misery, hunger and depression.

“They can’t even feed well because they can’t get money for their upkeep.”

She, therefore, called on the government to “create an escape route so that children will not continue to suffer.”

Also, Mr. Jimoh Abdulganiyu, whose son is studying medicine in Ukraine, said he could not get dollars, even at the black market, to send to him.

Abdulganiyu said his son was given a warning letter by the school authorities over delay in payment of accommodation fees and he risks being asked to vacate the dormitory soon.

He expressed fears of the possibility of buying fake dollars because of the pressure of getting dollars, which has been pushing parents to the parallel market.

He said:-

“Sometimes, I would get to the bank by 6.40am, before the official opening hour, to stand a good chance of getting dollars through the Western Union or Money Gram.

“And this does not mean that I would automatically get the dollars, I still have to lobby before I could get it. Even at that, there is a limit to the amount I can get.”

One of our correspondents, who visited two commercial banks in the Sabo, Yaba area of Lagos on Thursday, observed that there were no dollars for sale. Sabo is a black market hub for forex activities in Lagos.

There, a 65-year-old man, Mr. Obafemi Solomon, who also expressed frustration with the situation, struggled to fight back tears as he narrated his ordeal.

Solomon said he was indebted to some of his friends in the United States, where his daughter was schooling.

Solomon said his friends had had to bail him out of the financial problem because he felt it was unwise to exchange naira for dollars at the present exchange rate.

He said:-

“What I am doing right now is to beg my friends who are in the US to help me pay for my daughter’s tuition. It does not make any sense to change naira for dollars and send to her. There is even no dollar to buy.”

A pensioner, Mr. Olu Ajibade, who resides in Ekiti, also shared his plight, saying things had not been this tough in the past four years that his son had been in Middlesex University, London.

Calling for the liberalisation of the foreign exchange market, Ajibade said, “Now we rely on the black market and the forex rate is very high. If you don’t go to them then you are left to face the bank and they have so many rules you have to oblige to before you can get money from them.

“You will have to fill so many forms, get a letter from the school and go through so many rigorous processes. With that, it is not even guaranteed that you would get money from them. Honestly, it is not easy at all. Unfortunately, there are no other alternatives. The black market that could have been an alternative is not properly funded. The truth is that if you want to buy £3,000 in the black market, they tell you that they don’t have more than £800. For instance, we needed to pay school fees of about £10,000 but all we could do was pay half because of the scarcity of foreign currency.”

A Nigerian student studying in a US university, Adebayo Kabiru, told Saturday PUNCH that he would have gone bankrupt if not for the menial jobs he was doing.

In a telephone interview with one of our correspondents, Kabiru said, “My parents have not been able to send me money since January. At a point, I got frustrated, but I had to do something. So now, I do some menial jobs to pay for my upkeep.”

Also, a student studying in Russia, who spoke with Saturday PUNCH, said she was about to be deported because her visa had expired and her parents could not send her money to renew it.

She said:-

“My father has been trying to send me money for the past two weeks for me to settle my visa problem and other things, but has been unable to do so. I am about to be deported and when that happens, I will lose the opportunity of rounding off my last session here in Russia.”

Simon Uwem, a student studying for his Master’s degree at a university in Indiana, US, revealed that Nigerian students abroad have been having rough times.

He said:-

“I have been able to survive because I have a research position in school and I get paid very well. I was hired by the school for the job. The truth is that if you are intelligent, you will survive.

“But it has been so tough for some students here. Asking your parents for $1,000 means they need to look for N400,000. Some students don’t even get to hear from their parents any longer. They have resorted to doing menial jobs or marrying Akata (American citizens) here.

“A professor recently spoke to me about getting more foreign students from Africa and I told him that finance had become a challenge even if such students get scholarships. A textbook here costs up to $200. It has been quite tough.”

Business

FIRS ANNOUNCES AN ONGOING RECRUITMENT

Published

21 minutes ago

December 23, 2024

Sahara Weekly

FIRS ANNOUNCES AN ONGOING RECRUITMENT.

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

Business

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

Published

18 hours ago

December 22, 2024

Sahara Weekly

UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

Business

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

Published

2 days ago

December 21, 2024

Sahara Weekly

Dangote Hails Tinubu on Impact of Crude for Naira Swap Deal

…As Dangote Refinery partners MRS to sell PMS at N935 per litre nationwide at its retail outlets

Sahara Weekly Unveils That The Foremost entrepreneur and President of the Dangote Industries Limited, Aliko Dangote has commended President Bola Ahmed Tinubu for the positive impact of the naira for crude swap deal on the Nigerian economy, which has led to reduction in prices of petroleum products in the country.

To provide succour to Nigerians, Dangote recently reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers.

“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added. This price has already commenced in Lagos, and it will be offered nationwide from Monday.

In his statement, he called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”

According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.

Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira. The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.

Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.