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Foreign education forex allocation tumbles 83% — CBN

However, on a quarter-by-quarter basis, there was an increase of 54 per cent from $24.82m spent in Q4 2023.

The year-on-year decrease in FX spending for foreign education occurred amid a crash in international student enrolment at United Kingdom universities earlier this year.

A survey conducted by Universities UK across 73 universities revealed a significant drop in international student enrolment, particularly in postgraduate programmes. This January saw a 44 per cent decrease in such students compared to the previous year, a reduction greater than anticipated.

This sharp fall in international students, who typically pay higher fees for postgraduate courses, poses a financial challenge for universities.

Also, data from Enroly, used by around 60 universities, indicates a decline in interest among international students studying in the UK, evidenced by a significant drop in deposit payments compared to the previous year.

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