CBN raises tuition FX remittance limit to $25,000 per semester for Nigerian students abroad
By Aboki Forex —
The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange allowed for tuition payments abroad from $15,000 to $25,000 per semester. This change is part of the newly released Foreign Exchange Manual, Fourth Edition, published on Wednesday. The new limit takes effect on June 1, 2026.
Under the updated rules, eligible undergraduate and postgraduate students can apply to authorised dealer banks for up to $25,000 per semester to pay tuition at foreign institutions. Previously, the limit was $15,000 per semester and restricted to two semesters per academic year.
Students must submit Form ‘A’ along with supporting documents for approval. Required documents include admission letters, tuition fee schedules, a valid international passport biodata page, and a student identification card for returning students. Postgraduate applicants must also provide a first degree certificate or a certified copy.
The CBN clarified that tuition and maintenance allowances remain separate. If both are billed together, remittances go directly to the educational institution. For students living off-campus or where maintenance is billed separately, the maintenance allowance is capped at $5,000 per quarter and paid directly to the student.
Foreign exchange remittances are not available for nursery, primary, secondary, foundation, or A-level education abroad.
The increase is part of broader reforms in the revised FX manual. Other changes include raising allowable advance import payments to 30% from 15% and adjustments to Personal Travel Allowance and Business Travel Allowance rules. Under the new PTA and BTA guidelines, 25% of approved requests can be disbursed in cash, while the remaining 75% must go through approved electronic channels.
Earlier, Nigeria’s forex reserves recorded a modest increase of $1.72 million to close at $33.22 billion, the first rise in five months. The CBN has reiterated its commitment to intervene in the forex market to boost liquidity and support the naira.