CBN Announces Increase in Tuition Remittance Allowance for Nigerian Students Abroad
- The CBN has increased the maximum foreign exchange remittance for tuition payments abroad
- Students applying for tuition remittances must submit Form ‘A’ and supporting documents for approval
- The changes are part of the revised FX Manual, which also raised allowable advance import payments
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The Central Bank of Nigeria (CBN) has adjusted the limit for the amount of foreign exchange that Nigerian students pursuing their education abroad can transfer to pay for tuition fees to $25,000 per semester from $15,000 as part of reforms being put in place to improve the availability of FX and restore confidence in the FX market.
Source: Getty Images
The new limit is contained in the newly released Foreign Exchange Manual, Fourth Edition, published by the CBN on Wednesday and is to come into effect on June 1, 2026.
Under the new framework, an eligible student, undergraduate or postgraduate, may apply to authorised dealer banks to remit an amount up to $25,000 per semester towards tuition payments to a foreign higher education institution.
This limit applies per student, per semester, for eligible undergraduates and post-graduates.
Previously, tuition remittances were limited to $15,000 per semester and restricted to two semesters in an academic year.
The apex bank explained that:
"For approved remittances for tuition payment applicants must submit Form 'A', in addition to relevant supporting documents, including but not limited to admission documents; tuition fee schedule; a valid international passport biodata page, and a student identification card for returning students. A first degree certificate (or a certified copy thereof) should also be provided in case of postgraduate applicants."
The manual further clarifies that tuition and maintenance allowances will continue to be treated separately.
Where both expenses are billed together, remittances will be made directly to the educational institution, Punch reports.
However, where students live off-campus or maintenance costs are billed separately, maintenance allowances will be capped at $5,000 per quarter and paid directly to the student.
Source: Getty Images
It also stated that foreign exchange remittances are not available for payments for nursery, primary, secondary, foundation, and A-level education abroad.
The increase in the limit for tuition remittances is part of a package of reforms being implemented under the new regime, which also includes raising the allowable advance payments on imports to 30% from 15%, as well as changes to the Personal Travel Allowance and Business Travel Allowance regimes.
Under the new PTA and BTA guidelines, 25% of approved requests may be disbursed in cash, and the remaining 75% disbursed electronically through approved payment channels.
Naira exchange rate vs dollar
Earlier, Legit.ng reported that Nigeria's foreign exchange (forex) reserves have recorded the first increase in five months, significantly boosting the Central Bank of Nigeria's fight to help the naira recover its lost value.
In a statement published on its website, CBN reiterated its commitment to intervene in the foreign exchange markets to increase liquidity and ease pressure on the naira.
Forex reserves recorded a modest increase of $1.72 million over the weekend to close at $33.22 billion.
Source: Legit.ng
