The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange remittance for tuition payments by Nigerians studying abroad to $25,000 per semester.
This development was contained in the recently released CBN Foreign Exchange Manual, stating that “tuition fee payments for eligible undergraduate and postgraduate programmes abroad can now be processed through authorised dealer banks up to the new $25,000 limit per semester."
Prior to this development, tuition remittances were capped at $15,000 per semester and restricted to two semesters per academic session.
The apex bank said, "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 also stated that tuition and maintenance allowances would still be treated separately.
If both expenses are billed together, remittances would be directly made to the educational institution.
However, in the event a student lives off-campus or maintenance costs are billed separately, then maintenance allowances would be pegged at $5,000 per quarter, which would be paid directly to the student.
CBN further stated that nursery, primary, secondary, foundation, and A-Level programmes are not eligible for foreign exchange remittances.
More details later.