The Central Bank of Nigeria (CBN) has increased the maximum tuition fee remittance limit for Nigerian students pursuing undergraduate and postgraduate studies abroad to $25,000 per semester, up from the previous cap of $15,000.
The increase was announced in the CBN Foreign Exchange (FX) Manual, Fourth Edition, released on Wednesday as part of ongoing reforms aimed at improving transparency, liquidity, and confidence in Nigeria’s foreign exchange market.
Under the revised guidelines, the new tuition remittance limit applies to payments made through Authorised Dealer Banks on behalf of students enrolled in eligible higher education institutions outside Nigeria.
New Rules for Tuition Payments
According to the FX Manual, tuition fee payments for undergraduate and postgraduate studies abroad will now be subject to a maximum remittance of $25,000 per semester.
The apex bank clarified that tuition fees and maintenance allowances will continue to be treated separately under the new framework.
Where tuition and maintenance costs are billed together, remittances will be made directly to the educational institution. However, when maintenance expenses are billed separately or students live off-campus, maintenance allowances will be capped at $5,000 per quarter and remitted directly to the student.
The CBN also reiterated that foreign exchange remittances are not available for Nursery, Primary, Secondary, Foundation, or A-Level programmes abroad.
Documentation Requirements
The revised guidelines maintain strict documentation requirements for students seeking foreign exchange for tuition payments.
Applicants must submit Form ‘A’ along with supporting documents, including:
- Evidence of admission or course programme
- Tuition fee schedule for the relevant academic period
- International passport biodata page
- Student identification card for returning students
- First degree certificate or certified copy for postgraduate applicants
The CBN stated that compliance with these requirements is necessary to ensure proper disbursement and monitoring of foreign exchange transactions.
Beyond tuition remittances, the revised manual introduced several other changes aimed at enhancing efficiency in the foreign exchange market.
These include increasing the allowable advance payment for imports from 15% to 30%, harmonising market procedures, and standardising foreign exchange practices to improve transparency and investor confidence.
The manual also establishes a more comprehensive regulatory framework designed to strengthen institutional oversight and support Nigeria’s broader macroeconomic objectives.
Changes to Travel Allowances
The latest update follows the CBN’s recent revision of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) guidelines.
Under the revised rules, 25% of PTA and BTA allocations can now be paid in cash, while the remaining 75 per cent must be disbursed electronically.
Previously, all PTA and BTA payments were required to be processed exclusively through electronic channels.
The CBN said the reforms are intended to reduce operational bottlenecks, improve efficiency for authorised dealers, and provide greater clarity for individuals and businesses accessing foreign exchange.
The increase in tuition fee remittance limits is expected to provide relief for Nigerian students studying overseas, particularly as tuition costs continue to rise across major international study destinations.
