CBN Raises Foreign Tuition Remittance Limit to $25,000

The Central Bank of Nigeria has increased the maximum tuition fee remittance limit for Nigerian students pursuing undergraduate and postgraduate education abroad from $15,000 to $25,000 per semester.

The revision is contained in the Foreign Exchange Manual, Fourth Edition, released by the apex bank as part of ongoing reforms aimed at improving transparency, efficiency and confidence in Nigeria’s foreign exchange market.

The updated guideline applies to tuition fee payments processed through Authorised Dealer Banks on behalf of eligible Nigerian students enrolled in approved higher education institutions outside the country.

Under the previous framework, tuition fee remittances were capped at $15,000 per semester and restricted to a maximum of two semesters per academic session. The new policy raises the allowable remittance amount to $25,000 per semester, providing greater flexibility for students and their sponsors in meeting international education expenses.

According to the Central Bank, educational expense payments for Nigerian students studying abroad must continue to comply with established procedures and documentation requirements outlined in the revised Foreign Exchange Manual.

In a provision contained in the manual, the apex bank stated that tuition fee payments for undergraduate and postgraduate studies are now subject to a maximum remittance limit of $25,000 per semester.

The revised guideline also provides clarification on the treatment of tuition fees and maintenance allowances.

Under the new framework, where tuition and maintenance expenses are combined in a single invoice, the remittance will be made directly to the educational institution.

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However, where maintenance expenses are billed separately or where a student resides off-campus, maintenance allowances will continue to be remitted directly to the student, subject to a maximum limit of $5,000 per quarter.

The Central Bank further clarified that foreign exchange remittances for educational purposes will not apply to Nursery, Primary, Secondary, Foundation and A-Level programmes.

The exclusion means that only students enrolled in eligible undergraduate and postgraduate programmes abroad can access the foreign exchange window for tuition payments under the revised guidelines.

The apex bank stated that the changes are intended to improve access to foreign exchange for educational expenses while maintaining compliance with regulatory requirements and institutional procedures.

The revised Foreign Exchange Manual was officially unveiled in Abuja by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, and took effect from June 1, 2026.

The manual introduces several policy adjustments aimed at strengthening Nigeria’s foreign exchange market framework and improving operational efficiency.

Among the key changes is the increase in the allowable advance payment for imports from 15 per cent to 30 per cent.

The manual also seeks to harmonise market procedures and standardise foreign exchange practices across authorised institutions to improve transparency and support investor confidence.

According to the apex bank, the revised framework provides enhanced regulatory guidance supported by institutional oversight mechanisms designed to strengthen macroeconomic stability and improve market operations.

The document serves as a reference guide for authorised dealers, businesses, investors and other market participants by outlining approved documentation requirements and procedures for foreign exchange transactions.

For tuition fee remittances, the Central Bank stated that applicants must complete Form ‘A’ and submit relevant supporting documents through authorised dealer banks before approval can be granted.

The required documentation includes evidence of admission or enrolment into the educational programme, a tuition fee schedule covering the relevant academic period, and a copy of the student’s international passport biodata page.

Returning students are also required to provide a valid student identity card, while postgraduate applicants must submit a first degree certificate or a certified copy of the qualification.

The Central Bank emphasised that compliance with documentation requirements remains mandatory to ensure proper processing and disbursement of foreign exchange for educational purposes.

The revised tuition remittance limit is expected to provide additional support for Nigerian students enrolled in overseas institutions by increasing the amount that can be transferred through official banking channels.

The development forms part of broader foreign exchange reforms being implemented by the Central Bank to improve market efficiency, enhance regulatory clarity and strengthen confidence among local and international stakeholders.

With the new policy now in effect, eligible Nigerian students studying abroad can access up to $25,000 per semester for tuition payments, subject to compliance with all applicable requirements and procedures contained in the revised Foreign Exchange Manual.