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The CBN has increased the maximum foreign exchange remittance for tuition payments abroadStudents applying for tuition remittances must submit Form ‘A’ and supporting documents for approvalThe changes are part of the revised FX Manual, which also raised allowable advance import payments
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has adjusted the limit for the amount of foreign exchange that Nigerian students pursuing their education abroad can transfer to pay for tuition fees to $25,000 per semester from $15,000 as part of reforms being put in place to improve the availability of FX and restore confidence in the FX market.
More dollars are now available for foreign tuition. Photo: BloombergSource: Getty Images
The new limit is contained in the newly released Foreign Exchange Manual, Fourth Edition, published by the CBN on
