By Salihi Adamu Takai
This will take us on a nostalgic – National Association of Nigerian Students in Uganda – NANSU’s heyday that exited in the time when Nigerian Students studied in Uganda, enjoying the value of the Naira currency from 2013 to present.
National Association of Nigerian Students in Uganda (NANSU) was a strong association that showcased its values, with the Ugandan Shilling being significantly weak compared to Naira currency. This has led to the braggadocio in the association, attracting other nationalities to the financial value of the Naira.
Yesterday, I was listening to a brother, who was a student at IUEA from 2013 to 2015, discussing about how Naira’s value was in those days; “I was recieving 60 thousands Naira monthly from home, and that amount was equivalent to 1.5 Million Shillings”, said by him. He added that “I used to deliberately go to shop, buy foodstuff, and I don’t collect my balance regardless of the amount”.
Some of the Nigerian students don’t sleep at night, frequenting clubs, lavishly flowing money for show-off. They were like British men in Uganda, when going to some places, people used to be around in order to get their shares. Someone was reminiscing about his life then, unveiling how he was attractive to Ugandan ladies; “I used to receive calls of around 20 different ladies in a day”, he said.
He added that also, “I didn’t cook myself. I used to buy from the first class restaurants in Kampala”. They used to withdraw money with their MasterCard from Ugandan Banks, and, they were being paid in official rates. One thousand Naira (₦1000) was equivalent to 15 thousand Ugandan Shillings (15,000).
As time kept going, it reached to a time when the then President, Godluck, was defeated, and Buhari came in, and, upon his swearing in, different policies were made, affecting the value of Naira.
The first policy, was the directive to block the use of MasterCard overseas. This led certain difficulties, which started facing Nigerian Students. In just a year, Naira dipped woefully, and Shillings started bouncing. Towards the end of Buhari’s tenure, the rate was so shocking.
Tinubu was sworn in last year. Upon the swearing in, he made a statement over the fuel supsidy removal, and this was the first recipe for the first hardship in Nigeria. Fuel prices increased by more than 200 percent compared to how it was prior to the statement. Tinubu didn’t stop there, he also directed for the removal of the Dollar subsidy. This was the first time when Dollar lost control in Nigeria, Naira keeps devaluing against Dollar.
International Nigerian students have been stranded, waiting for a time when Naira will bounce back to its value. This has led to the deferral for studies by many Nigerian students studying abroad. They can’t afford it with the current rate. They have been used to it when it was affordable to them, but now, the rate is very bad. Those who can live hand to mouth are very few as hundreds can’t afford simple meal twice in a day while staying overseas.
As few are managing to cope with the situation smoothly despite the skyrocketing of exchange rates, which is, of course, determining the comfortability of the students. Whenever the exchange rate goes down, students afford many things, and if it goes up, it messes up everything. Students are now pessimistic about their studies. Many of them are now admitting that, if things keep going like this, they will definitely lose their ways here.