The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange remittance limit for tuition fees paid by Nigerian students studying abroad from $15,000 to $25,000 per semester.
The new directive is contained in the CBN Foreign Exchange (FX) Manual, Fourth Edition, released on Wednesday as part of the apex bank’s ongoing efforts to improve transparency, efficiency, and confidence in Nigeria’s foreign exchange market.
Under the revised framework, Nigerian students enrolled in approved undergraduate and postgraduate programmes outside the country can now access up to $25,000 per semester through Authorised Dealer Banks for tuition payments, representing a significant increase from the previous limit.
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According to the CBN, the revised policy is designed to provide greater support for students pursuing higher education abroad while ensuring that foreign exchange transactions remain properly regulated and transparent.
The apex bank clarified that tuition fees and maintenance allowances will continue to be treated separately under the new guidelines.
Where educational institutions bill tuition and maintenance fees together, remittances will be paid directly to the institution. However, where students reside off-campus or maintenance expenses are billed separately, maintenance allowances will be limited to $5,000 per quarter and remitted directly to the student.
The CBN also stated that foreign exchange remittances will not be available for Nursery, Primary, Secondary, Foundation, or A-Level programmes, as the policy applies strictly to undergraduate and postgraduate studies.
To access tuition fee remittances, students are required to submit Form ‘A’ alongside supporting documents, including proof of admission, tuition fee schedules, an international passport biodata page, student identification for returning students, and first-degree certificates for postgraduate applicants.
The revised tuition remittance policy forms part of broader reforms introduced under the newly released FX Manual, which took effect on June 1, 2026.
Other major changes include an increase in allowable advance payments for imports from 15 per cent to 30 per cent, as well as the harmonisation of foreign exchange market procedures aimed at improving transparency and investor confidence.
The manual also serves as a comprehensive guide for banks, businesses, and foreign exchange market participants by outlining approved documentation requirements and operational procedures.
In addition, the CBN reviewed its Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) guidelines, allowing 25 per cent of approved travel allowances to be disbursed in cash, while the remaining 75 per cent must be processed electronically.
The apex bank said the reforms are intended to reduce operational bottlenecks, improve access to foreign exchange, and strengthen confidence among both domestic and international stakeholders.
Analysts say the increase in tuition fee remittance limits could provide relief for Nigerian students and parents grappling with rising education costs abroad, particularly amid persistent exchange rate pressures and increasing tuition fees across major study destinations.
