The Central Bank of Nigeria (CBN) has increased the maximum tuition fee remittance for Nigerian students pursuing undergraduate and postgraduate studies abroad from $15,000 to $25,000 per semester.
The revised limit is contained in the CBN’s Foreign Exchange (FX) Manual, Fourth Edition, released on Wednesday as part of ongoing reforms aimed at enhancing transparency, liquidity, and confidence in Nigeria’s foreign exchange market.
Under the new guidelines, Authorised Dealer Banks can process tuition fee payments of up to $25,000 per semester for eligible higher education institutions outside Nigeria. The previous limit was capped at $15,000 per semester and restricted to two semesters per academic session.
According to the apex bank, the revised framework is designed to streamline foreign exchange access for Nigerian students while ensuring strict compliance with regulatory requirements.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of USD25,000.00 per semester,” the Manual stated.
The CBN clarified that tuition fees and maintenance allowances will continue to be treated as separate transactions.
Where tuition and maintenance costs are billed together, the entire remittance will be paid directly to the educational institution. However, where students reside off-campus or maintenance expenses are billed separately, maintenance allowances will be capped at $5,000 per quarter and remitted directly to the student.
The Manual also excludes Nursery, Primary, Secondary, Foundation, and A-Level programmes from eligibility for foreign exchange remittances.
The new FX Manual, unveiled in Abuja by CBN Governor Olayemi Cardoso, took effect on June 1, 2026.
Documentation requirements
To access foreign exchange for tuition payments, applicants must submit Form ‘A’ alongside relevant supporting documents, including:
- Evidence of admission or course programme
- Tuition fee schedule for the relevant period
- International passport biodata page
- Student identification card for returning students
- First degree certificate (or certified copy) for postgraduate applicants
The CBN emphasized that strict adherence to documentation and remittance requirements remains essential to ensure proper processing and disbursement of funds.
Other key reforms
Beyond education-related remittances, the updated FX Manual introduced several additional reforms aimed at improving market efficiency and investor confidence.
These include:
- Increasing the allowable advance payment for imports from 15 per cent to 30 per cent;
- Harmonising foreign exchange market procedures and standardising operational practices;
- Strengthening regulatory oversight to support Nigeria’s broader macroeconomic stability objectives.
The apex bank said the Manual serves as a comprehensive guide for market participants by providing clarity on approved documentation, transaction processes, and regulatory requirements.
Changes to PTA and BTA disbursement
The CBN also reviewed its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) guidelines.
Under the revised framework, up to 25 per cent of PTA and BTA 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.
According to the CBN, the changes are intended to reduce operational bottlenecks, improve transaction efficiency, and provide greater flexibility for authorised dealers, businesses, and foreign exchange users.
