Nigeria Minister of Solid Minerals Development, Dr. Dele Alake, has called for the closure of schools that charge tuition in foreign currencies, saying the practice harms the country’s economy and undermines the naira.....KINDLY READ THE FULL STORY HERE▶

Speaking on Wednesday during the Nigeria Gold Day Celebration at the 10th Nigeria Mining Week in Abuja, Alake said that schools collecting fees in dollars or pounds contribute to the rising demand for foreign exchange and weaken the local currency.

“It is only in this country that I see so many contradictory things that destroy the economy,” Alake said. “If your child is attending a school in Abuja or Lagos and you are paying £10,000 or $10,000 as school fees, you will have to look for naira to buy dollars. That alone drives up the value of the dollar.”

The minister said he plans to submit a formal proposal to the Federal Executive Council urging the government to shut down any schools that continue to collect fees in foreign currencies. He described the move as part of broader efforts to plug economic loopholes and promote financial discipline.

“I am still going to make a proposal to the Federal Executive Council that all those schools in Nigeria that are charging in foreign currencies should be closed,” Alake said. “It is unacceptable and unpatriotic.”

Alake’s comments come amid renewed efforts by the Nigerian government to strengthen the naira, which has fallen sharply in value over the past year. The Central Bank of Nigeria (CBN) has repeatedly warned against conducting domestic transactions in foreign currencies, saying it violates the country’s monetary laws.

Some private and international schools in Nigeria, especially those offering British or American curricula, charge tuition and other fees in dollars or pounds. Many of these schools argue that their operational costs are tied to foreign exchange rates and imported materials.

However, Alake dismissed these justifications, saying that local institutions operating within Nigeria should transact strictly in naira. “We cannot continue to allow practices that erode the value of our national currency,” he said.

The minister also linked the issue to broader economic reform efforts within his ministry, particularly in the gold value chain. He said the government is introducing digital tools to monitor and regulate the sale of solid minerals, ensuring that transactions are conducted in naira rather than foreign currencies.

According to Alake, the National Gold Purchase Programme (NGPP) is one example of this new approach. Under the initiative, the federal government buys locally mined gold in naira and adds it to the nation’s foreign reserves. He said the policy aims to build confidence in the local currency and reduce Nigeria’s dependence on the U.S. dollar.

Economic experts say Alake’s call could have far-reaching implications if implemented. Closing schools that charge in foreign currencies would affect many international and private institutions across major cities such as Lagos, Abuja, and Port Harcourt.

While some analysts agree that the measure could help reduce pressure on Nigeria’s foreign exchange market, others warn it could disrupt education services and discourage foreign investment in the sector.

Education stakeholders have long debated the legality of charging school fees in foreign currencies. In 2024, the Economic and Financial Crimes Commission (EFCC) warned that such practices might violate the CBN Act, which stipulates that the naira remains the only legal tender in Nigeria.

As the government considers the proposal, observers say enforcement will be key. Questions remain about how the policy would be applied, particularly for international schools serving expatriate communities.

For now, Alake’s statement adds momentum to a growing national conversation about protecting the naira and reducing dollar-based transactions in the domestic economy.

If the Federal Executive Council adopts his proposal, Nigeria could see a new phase of monetary enforcement — one that directly links education policy with the fight to stabilize the nation’s currency.