CBN Raises Foreign Tuition Limit to $25,000 Per Semester

The Central Bank of Nigeria (CBN) has increased the maximum foreign exchange remittance limit for tuition payments for Nigerian students studying abroad from $15,000 to $25,000 per semester. This adjustment is part of a broader reform aimed at improving transparency and liquidity in Nigeria's foreign exchange market.

The revised guidelines, which will take effect on June 1, 2026, were released on a Wednesday and are included in the CBN's foreign exchange manual. Under the new regulations, students must submit a form along with supporting documents, including proof of admission and tuition fee schedules, to authorized dealer banks for approval of tuition remittances.

Additionally, students living off-campus will be allowed to remit a maximum of $5,000 per quarter for maintenance costs, which will be paid directly to them. The CBN has clarified that nursery, primary, secondary, and foundation level programs remain ineligible for foreign exchange remittances.