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The Central Bank of Nigeria has increased the maximum foreign exchange remittance for tuition payments by Nigerian students studying abroad to $25,000 per semester, up from the previous cap of $15,000.
The adjustment is contained in the CBN Foreign Exchange Manual, 4th Edition, released on Wednesday as part of broader reforms aimed at improving transparency, liquidity, and confidence in Nigeria’s foreign exchange market.
Under the revised guidelines, tuition fee payments for eligible undergraduate and postgraduate programmes abroad can now be processed through authorised dealer banks up to the new $25,000 limit per semester.
Previously, tuition remittances were capped at $15,000 per semester and restricted to two semesters per academic session.
