The Central Bank of Nigeria (CBN) has increased 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.

The revision is contained in the CBN Foreign Exchange (FX) Manual, 4th Edition, released on Wednesday.

The update 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.

Previously, tuition fee remittances were capped at $15,000 per semester and limited to two semesters per academic session.

What they are saying 

According to the FX Manual, payments for educational expenses of Nigerian students studying abroad must follow structured procedures and documentation requirements.

• “Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of USD25,000.00 per semester,” the Manual states.

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.

Get up to speed

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.

More insights

Approval for undergraduate and postgraduate tuition remittance requires submission of Form ‘A’ along with supporting documentation. These include:

• Evidence of admission/course programme
• Tuition fee schedule for the period
• International passport biodata page
• Student ID card for returning students
• First degree certificate (or certified copy) for postgraduate students

The Manual emphasizes compliance with remittance rules and documentation to ensure proper disbursement.

What you should know

Additionally, the CBN revised 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.