Nigeria: Forex – Report On Review of Tuition Rate False – CBN

The Central Bank of Nigeria, CBN, has faulted reports in the media suggesting that payments of overseas tuition fees from Nigeria will cost more as from January 2023, due to the purported withdrawal of the “Form A” Discounted rate, with effect from December 31, 2022.

The bank’s position followed reports in certain media, which quoted a tertiary institution in the United Kingdom claiming that Nigeria had withdrawn the Central Bank “Form A discounted rate” in order to encourage more funds to remain within the Nigerian economy.

The advisory from the school purportedly urged new and returning students from Nigeria “to take advantage of the CBN Form A discounted rate while this is still available.”

Speaking with newsmen in Abuja yesterday, the Director, Corporate Communications Department, Mr. Osita Nwanisobi, described the report as false, misleading and speculative.

Nwanisobi said the CBN had not issued such a policy, even as he cautioned concerned parents and students to disregard any advisory to pay up as much portion of their outstanding fees as possible, through Flywire, prior to December 31, 2022.

While also reminding all stakeholders that front-loading (for both visible goods and invisibles) was contrary to the provisions of extant regulations, the CBN spokesman assured that the bank would continue to meet all legitimate demands for foreign exchange.

Nwanisobi urged all authorised dealers to ensure that payments for tuition outside Nigeria were made not earlier than 30 days prior to due date, even as he charged them to put in place measures to forestall abuse.


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