CBN Raises Student Tuition Remittance Cap to $25,000

The Central Bank of Nigeria (CBN) has officially increased the maximum allowable remittance for tuition fees for students studying overseas from $15,000 to $25,000 per semester. This adjustment, representing a 67 percent increase, indicates a notable change in Nigeria's approach to managing education expenses in relation to foreign exchange. The revised limit has been incorporated into the CBN’s Foreign Exchange Manual, 4th Edition, signifying a formal policy update aimed at facilitating the financial needs of Nigerian students abroad.

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