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

The upward review is contained in the CBN Foreign Exchange Manual, Fourth Edition, which was released on Wednesday as part of the apex bank’s efforts to strengthen transparency, liquidity and confidence in Nigeria’s foreign exchange market.

The revised rules apply to all tuition fee payments processed through Authorised Dealer Banks on behalf of eligible higher education institutions outside Nigeria.

Under the previous arrangement, tuition fee remittances were capped at 15,000 dollars per semester and restricted to a maximum of two semesters in an academic session.

According to the FX Manual, all payments relating to the educational expenses of Nigerian students studying overseas must comply with established 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 revised guidelines also clarify the distinction between tuition fee payments and maintenance allowances for students studying abroad.

Where tuition and maintenance charges are combined in a single bill, the remittance will be made directly to the educational institution. However, where a student resides off-campus or maintenance fees are billed separately, maintenance allowances will be paid directly to the student, subject to a maximum limit of 5,000 dollars per quarter.

The Manual further specifies that Nursery, Primary, Secondary, Foundation and A-Level programmes are not eligible for foreign exchange remittances under the policy.

According to the CBN, the changes are intended to simplify access to foreign exchange for eligible students while ensuring full compliance with institutional requirements and regulatory standards.

The Fourth Edition of the FX Manual was officially unveiled in Abuja by Olayemi Cardoso and became effective from June 1, 2026.

Apart from the increase in tuition fee remittance limits, the Manual introduced several other reforms aimed at improving the efficiency and credibility of Nigeria’s foreign exchange market.

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

The Manual also provides for the harmonisation of market procedures and the standardisation of foreign exchange practices to enhance transparency and strengthen investor confidence.

In addition, it establishes a regulatory framework backed by institutional oversight designed to reinforce Nigeria’s macroeconomic foundations.

The document serves as a comprehensive reference guide for market participants by providing detailed clarification on approved documentation requirements and procedures for tuition fee remittances, while also strengthening confidence among local and international stakeholders.

For undergraduate and postgraduate tuition remittance applications, students are required to submit Form ‘A’ alongside relevant supporting documents.

These include a tuition fee schedule covering the relevant academic period.

Applicants must also provide the biodata page of their international passport.

Returning students are required to submit their student identity cards.

Postgraduate students must additionally provide their first degree certificate or a certified copy of the certificate.

The Manual emphasises strict compliance with all remittance guidelines and documentation requirements to ensure proper processing and disbursement of foreign exchange.

The CBN also reviewed regulations governing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA).

Under the new arrangement, 25 per cent of PTA and BTA allocations may be disbursed in cash, while the remaining 75 per cent must be processed electronically.

Previously, all PTA and BTA payments were required to be made entirely through electronic channels.

According to the apex bank, the latest adjustments are aimed at harmonising foreign exchange disbursement procedures, reducing operational bottlenecks and improving efficiency for authorised dealers, corporate organisations and other stakeholders in the foreign exchange market.