The Central Bank of Nigeria, CBN, has increased the maximum tuition fee remittance limit for Nigerian undergraduate and postgraduate students schooling abroad from $15,000 to $25,000 per semester.
According to the revised Foreign Exchange Manual, issued by the Yemi-Cardoso-led CBN the initiative is part of ongoing reforms to improve transparency, efficiency and confidence in the nation’s forex market.
The apex bank said in the guidelines that tuition fee payments must be processed through Authorised Dealer Banks, ADBs on behalf of eligible Nigerian students pursuing education in foreign higher institutions.
The new initiative is contrary to the previous framework, where tuition fee remittances were pegged at $15,000 per semester and restricted to a maximum of two semesters per academic session. The new policy raises the allowable remittance amount to $25,000 per semester, providing greater flexibility for students and their sponsors in meeting international education expenses.
The CBN stressed that educational expense payments for Nigerian students studying abroad must continue to comply with established procedures and documentation requirements outlined in the revised Foreign Exchange Manual.
Under the current framework, tuition fees, maintenance expenses are combined in a single invoice, and must be paid directly to the institutions where the learning is taking place.
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