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Tuesday, June 6, 2023

Students Limited to $15,000 Per Semester, Have 60 Days to Process School Fees – CBN

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Nigerian banks have issued updates about changes regarding foreign exchange (FX) requests by Nigerian students wishing to study abroad.

Going forward, a minimum of 60 days is required in processing school fees, following the submission of Form A documents at the branch. This is subject to a maximum of $15,000 per semester, with a limit of 2 semesters per session.

Application for Upkeep requires a minimum of 60 days for processing, and is subject to a maximum of $3,000 (or its equivalent in other currencies) per Semester (limited to 2 semesters per session).

Evidence of payment of school fees for the current session will be required.

“Kindly ensure that all PTA/BTA applications along with the approved Form A are submitted at the branch, exactly 14 days before your proposed travel date. Sales are limited to two quarters a year,” banks said.

Applications for Form A (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System (TRMS) Platform. This must be in line with Regulatory Requirements.

Requests will be processed and disbursed subject to the availability of FX.

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