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CBN faults misleading report on payment of overseas tuition

CBN Headquarters

The Central Bank of Nigeria (CBN) has faulted reports in media circles suggesting that the 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 made the clarification following certain reports in the media, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn  the CBN “Form A discounted rate” to encourage more funds to remain within the Nigerian economy.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 Central Bank Form A discounted rate while this is still available.”

However, speaking with journalists yesterday in Abuja, the Director, Corporate Communications Department, Osita Nwanisobi, described the report as false and the purported advisory, as misleading and speculative.

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.

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 will continue to meet all legitimate demands for foreign exchange.

Nwanisobi therefore urged all authorised dealers to ensure that payments for tuition outside Nigeria are made no earlier than 30 days prior to the due date, even as he charged them to put in place measures to forestall abuse.

Recall that a Manchester-based university was purported to have 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, 2022.

The advisory based on claims that the CBN planned to withdraw the “Form A” discounted rate to encourage more funds to remain within the Nigerian economy.

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