CBN debunks hike in overseas tuition

The Central Bank of Nigeria (CBN) has debunked reports that the payment of overseas tuition fees by Nigerians will cost more as from January 2023, due to the purported withdrawal of the “Form A discounted rate”, with effect from December 31, 2022.

CBN made the clarification following reports, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn the Central Bank “Form A discounted rate in order to encourage more funds to remain within the Nigerian economy.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 Central Bank Form A discounted rate while this is still available.”

Speaking with newsmen in Abuja, on Wednesday, the CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, described the report as “false” and the purported advisory, as “misleading and speculative”.

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Nwanisobi said the CBN had not issued such a policy, warning 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 apex bank will continue to meet all legitimate demands for foreign exchange.

Nwanisobi, therefore, urged all authorised dealers to ensure that payments for overseas tuition fees are made no earlier than 30 days prior to due date just as he enjoined them to put in place measures to forestall abuse.

The Star