Why Nigerian Students Abroad Are Paid In Naira – PTDF

[Shola Sholaz]

The Nigerian Students currently studying abroad under the scholarship of the Petroleum Technology Development Fund (PTDF) are receiving their scholarship award payment in naira despite staying in a foreign country who uses different currencies.
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The PTDF PRO, Mr Kalu Otisi said the reason why the payments are in the local currency is because of the rigours of getting foreign currencies in Nigeria.
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Kalu said PTDF adopted paying allowances in naira because of scarcity of foreign currencies and the high cost of processing them when available.
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He explained that PTDF management took the step in the interest of the students, as they will have access to their allowances at the expected value and without stress.
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This will reduce the stress of sourcing foreign exchange on the students abroad because the payment will now be made with the "Naira Master Card" of the students so that they can spend the equivalent amount in the currency of the country they are residing.
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The PRO assured that PTDF would continue to do its best to provide the necessary incentives under the scholarship scheme for scholars to excel in their studies.