The Central Bank of Nigeria (CBN) has raised the maximum foreign-exchange remittance for tuition by Nigerian students abroad to $25,000 per semester, up from $15,000. This change appears in the CBN Foreign Exchange Manual (4th Edition), released as part of measures to boost transparency, liquidity, and confidence in Nigeria’s FX market. The new rules allow authorized dealer banks to process tuition payments for eligible undergraduate and postgraduate programs up to the $25,000 limit per semester.
Previously, the cap was $15,000 per semester and limited to 2 semesters per academic session. Applicants must apply using Form ‘A’ and submit supporting documents such as evidence of admission, the tuition schedule, an international passport bio-data page, and a student ID for returning students; postgraduate applicants must also provide a first-degree certificate or certified copy.
The manual distinguishes tuition from maintenance allowances. If an institution bills both together, the remittance goes directly to the school. If maintenance is billed separately or the student lives off-campus, maintenance is capped at $5,000 per quarter and paid directly to the student. The CBN also confirmed that remittances will not cover nursery, primary, secondary, foundation, or A-Level programs.
Effective 1 June 2026, the FX Manual also raised allowable import advance payments from 15% to 30% and amended travel allowance rules to permit 25% of Personal and Business Travel Allowances in cash, with the remaining 75% paid electronically.
