The Central Bank of Nigeria (CBN) has increased the maximum tuition fee remittance for Nigerian students studying abroad to $25,000 per semester, up from the previous limit of $15,000, as part of ongoing foreign exchange reforms aimed at improving access to foreign currency and strengthening confidence in the country’s financial system.
The update is contained in the fourth edition of the Foreign Exchange Manual, released on Wednesday and set to take effect from June 1, 2026. The revised framework is part of broader measures to enhance transparency, liquidity, and operational efficiency in Nigeria’s foreign exchange market.
Higher limit for overseas tuition payments
Under the revised guidelines, Nigerian students enrolled in undergraduate and postgraduate programmes abroad can now access up to $25,000 per semester for tuition payments through Authorised Dealer Banks.
This marks an increase from the previous cap of $15,000 per semester, which also restricted payments to a maximum of two semesters per academic session.
Authorities stressed that all tuition remittances must still comply with established documentation and verification procedures before approval.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of USD25,000.00 per semester,” the manual stated.
Tuition and living costs treated separately
The revised framework maintains a clear distinction between tuition fees and maintenance allowances.
Where tuition and living expenses are combined in a single invoice, payments will be made directly to the educational institution. However, where maintenance costs are billed separately or students live off-campus, maintenance support will be capped at $5,000 per quarter, paid directly to the student.
The policy also continues to exclude nursery, primary, secondary, foundation, and A-level programmes from eligibility for foreign exchange remittances.
Strict documentation requirements
To access tuition remittances, applicants are required to submit Form ‘A’ alongside supporting documents, including:
- Evidence of admission and programme details
- Tuition fee schedule
- International passport biodata page
- Student ID card (for returning students)
- First degree certificate or certified copy (for postgraduate applicants)
The authorities emphasised that strict compliance with documentation rules remains mandatory to ensure proper disbursement and prevent misuse of foreign exchange allocations.
Broader foreign exchange reforms
The Foreign Exchange Manual also introduces wider reforms aimed at strengthening Nigeria’s FX framework. These include an increase in allowable advance payments for imports from 15 per cent to 30 per cent, alongside efforts to harmonise market procedures and standardise FX operations across authorised institutions.
The reforms are intended to improve transparency, strengthen regulatory oversight, and enhance investor confidence in the economy.
Changes to travel allowance rules
In addition to education-related provisions, regulations governing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) have also been revised. Under the new arrangement, up to 25 per cent of these allowances may now be paid in cash, while the remaining 75 per cent must be processed electronically.
Previously, all PTA and BTA payments were made exclusively through electronic channels.
Officials say the changes are designed to reduce operational bottlenecks, improve efficiency for authorised dealers, and streamline foreign exchange management across the system.
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