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.
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.
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 an 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, and the 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.
