The Central Bank of Nigeria (CBN) says Nigerians schooling abroad will not pay more overseas tuition fees from January 2023 as being speculated by a foreign tertiary institution.
The apex bank also faulted reports suggesting that the payments of overseas schools fees would rise due to the withdrawal of the “Form A” Discounted rate, with effect from December 31.
The bank’s position followed reports, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn the Central Bank “Form A discounted rate” to encourage more funds to remain within the economy. The advisory from the school purportedly urged new and returning students from Nigeria “to take advantage of the Central Bank Form A discounted rate while this is still available.”
A Manchester-based university purportedly issued an advisory, urging students whose tuition were paid from Nigeria to pay up as much portion of their outstanding fees as possible, through Flywire, prior to December 31.
The institution had claimed that the CBN planned to withdraw the “Form A” discounted rate to encourage more funds to remain within the economy.
The apex bank’s Director, Corporate Communications Department, Osita Nwanisobi, described the report as false and the advisory, as misleading and speculative.
Nwanisobi said the CBN had not issued such a policy. He cautioned 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.
He reminded stakeholders that front-loading (for visible goods and invisibles) was contrary to the provisions of regulations, and assured that the bank will continue to meet legitimate demands for foreign exchange.
He authorised dealers to ensure that payments for tuition outside Nigeria are made not earlier than 30 days prior to due date.
