The Central Bank of Nigeria (CBN) has announced a move to increase 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.
This announcement was made under the newly released fourth edition of its Foreign Exchange Manual.
The update on tuition fee remittance for Nigerian students 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.
According to the FX Manual, payments for educational expenses of Nigerian students studying abroad must follow structured procedures and documentation requirements.
The notice reads: “Remittance in respect of educational expenses of Nigerian students attending Universities and polytechnics overseas shall be granted by the Authorised Dealer banks. Nursery, Primary, Secondary, Foundation, and A-level are not eligible for foreign exchange.
“Approval for Undergraduate Studies (Fresh and Returning Students) and Postgraduate Studies is subject to the submission of completed Form ‘A’ and the documentation requirements listed below: –
i. Evidence of admission/course programme;
ii. Tuition fees for the period;
iii. International Passport biodata page of the student
iv. Student ID Card for returning students
v. First degree certificate (or its equivalent)/Certified True Copy of Statement of Result by the awarding institution (for Postgraduate students only)
Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of.USD25,000.00 per semester
Payments of maintenance allowance shall be subject to the following provisions.
i) When tuition and maintenance services are billed together, remittance shall be made only to the educational institution. Such beneficiary shall no longer be eligible for living allowance. However, where the student is living off-campus or the maintenance fee is stated separately, the maintenance fee shall be paid to the student and capped at $5,000.00 per quarter, while the tuition fee shall be paid directly to the school.
ii) Applications for educational expenses by foreign nationals shall be treated as part of their remittable entitlement in accordance with the provisions of Memorandum 17, in respect of PHR.”
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.
The 4th Edition of the FX Manual was unveiled in Abuja by CBN Governor Mr. Olayemi Cardoso and took effect from June 1, 2026.
Other updates include:
Increase in allowable advance payments for imports from 15% to 30%.
Harmonization of market procedures and standardization of FX practices to boost transparency and investor confidence.
Provision of a regulatory framework supported by institutional oversight to strengthen Nigeria’s macroeconomic foundations.
The Manual also serves as a reference guide for market participants, providing clarity on approved documentation and procedures for tuition fee remittance, and reinforcing confidence among both domestic and international stakeholders.
Additionally, the CBN revised the Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) regulations. Now, 25% of these allowances may be paid in cash, with the remaining 75% processed electronically.
Previously, all PTA and BTA disbursements had to be processed exclusively through electronic channels.
These updates aim to harmonize FX disbursements, reduce operational bottlenecks, and improve efficiency for authorized dealers, corporates, and FX stakeholders.
