Students studying abroad can now get up to $25,000 in school fees remittances abroad according to a new CBN guideline.
The revision is contained in the CBN Foreign Exchange (FX) Manual, 4th Edition, released on Wednesday.
The Central Bank of Nigeria (CBN) increased the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad to $25,000 per semester, up from the previous $15,000.
The update forms part of ongoing reforms by the CBN aimed at improving transparency, liquidity, and confidence in the Nigerian foreign exchange market.
The new rules apply to all payments for tuition fees through Authorised Dealer Banks for eligible higher education institutions overseas.
Previously, tuition fee remittances were capped at $15,000 per semester and limited to two semesters per academic session.
What they are saying
According to the FX Manual, payments for educational expenses of Nigerian students studying abroad must follow structured procedures and documentation requirements.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of USD25,000.00 per semester,” the Manual states.
The revision clarifies that tuition and maintenance allowances are treated separately.
Where tuition and maintenance fees are billed together, remittance is made only to the educational institution. If a student lives off-campus or maintenance fees are billed separately, the maintenance fee is capped at $5,000 per quarter and remitted directly to the student.
The Manual specifies that Nursery, Primary, Secondary, Foundation, and A-Level programs are not eligible for foreign exchange remittances.
The changes are designed to streamline foreign exchange access for students while ensuring compliance with institutional and CBN regulations.
