Nigeria's Foreign Exchange Spending on Education and Medical Tourism Plummets by 66% in Q1 2025

Nigeria's Central Bank data for Q1 2025 shows a significant 66% year-on-year decline in foreign exchange utilization for education and healthcare services. Spending on foreign education plunged by 64%, with a notable decrease in tuition-related transactions.

Similarly, spending on foreign medical treatment saw a drastic 97.4% drop, indicating a shift towards local healthcare facilities. This decline is attributed to Nigeria's current FX policies reshaping citizens' spending behavior, discouraging medical tourism and foreign education spending.

Governor Olayemi Cardoso highlighted the impact of exchange rate fluctuations on these trends.