Whoever has been to IUIU Mbale or socialized with fellows from the land of the Niger River can tell how they splash the Naira as if vouching for their fellow countrymen ‘P Square’ when they sing that they care not as their money is chopped in the debut song ‘chop my money.’
Their presence is felt from cafeterias, guest houses, supermarkets to pubs and clubs off campus as they pull Wiz Kid’s ‘if I show you the money’ stunts. Rumor even has it that, the defunct Uchumi Mbale branch owed some of them considering their frequent visits to the multinational retail shop then. Recently, though, the Nigerian students commonly referred to as ‘Ogas’ in the town have disappeared from the latter places and put brakes to their spending habits capriciously. The new trend’s cause stems from the fount of the money, where the Central Bank of Nigeria (CBN) placed restrictions on the use of ATMs abroad until the country’s foreign reserves grow to significant levels. Thus, students early this year received messages from commercial banks informing them that they would no longer be allowed to use their Naira-dominated debit cards and credit MasterCard to pay for online transactions or withdraw money overseas.
A Nigerian lecturer also affected, who minded being quoted said that it’s due to dwindling foreign reserves and banks’ inability to settle dollar transactions from abroad. He added that since oil prices fell, Nigeria has witnessed a precipitous decline in foreign reserves forcing the CBN to impose foreign currency curbs aimed at preserving the county’s reserves.
The ban hasn’t got down well with students who have been left with the Western Union option of receiving money which costs an arm and leg; yet they are not only short of necessities but also the deadline for late registration in several faculties in the university is closing in on them.
Muhammad Faizal, a BIT student lamented, “I have over 20,000naira in my ATM but can’t withdraw it. I am just managing life as a man yet I’ll not be excused at the bursary.’’ Whereas a one Al Husna of FASS says she is yet to leave for Nigeria as Uganda heads for polls, whereupon she’ll make withdraws and come to her friends rescue upon return.
Also, like the old adage goes, no wind blows nobody no good, some students are plying the Entebbe- Abuja route, making bulk withdraws which they later deliver to recipients for a consideration. The students plan to appeal to the university bursary to make them an exception to the 30% before registration fees policy as they explore other options for receiving money from home.
It’s hoped that the home government will make for students, like the Malawian one does. Otherwise, in the words of a one Imam bin Ahmed, a Hausa Faculty of Science student who now cooks his own food including matooke,’ the worst is yet to come.’
Written by Isaac Iretai
