June 04, (THEWILL) — The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange remittance for tuition payments by Nigerian students studying abroad to $25,000 per semester, up from the previous cap of $15,000.
The adjustment is contained in the CBN Foreign Exchange (FX) Manual, 4th Edition, released on Wednesday as part of broader reforms aimed at improving transparency, liquidity, and confidence in Nigeria’s foreign exchange market.
Under the revised guidelines, 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.
Previously, tuition remittances were capped at $15,000 per semester and restricted to two semesters per academic session.
According to the FX Manual, applicants seeking approval for tuition remittances must submit Form ‘A’ alongside supporting documents, including evidence of admission, tuition fee schedules, an international passport biodata page, and a student identification card for returning students.
Postgraduate applicants are also required to provide a first-degree certificate or a certified copy.
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.
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.
The CBN noted that Nursery, Primary, Secondary, Foundation, and A-Level programmes remain ineligible for foreign exchange remittances.
The FX Manual, unveiled in Abuja by CBN Governor Mr. Olayemi Cardoso and effective from June 1, 2026, also introduced other key reforms.
These include increasing allowable advance payments for imports from 15 percent to 30 percent and revising Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) rules to permit 25 percent cash disbursement, with the remaining 75 percent processed electronically.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
