The CBN has increased the maximum amount Nigerian families can send for tuition fees overseas to $25,000 per semester, up from $15,000. The increase applies to both undergraduate and postgraduate students studying anywhere abroad.
The move comes as Nigerian parents struggle with the rising cost of international education. Many families had hit the $15,000 ceiling and faced difficult choices between paying full tuition or leaving their children's education incomplete. Universities in the United States, Canada, and the United Kingdom have raised fees significantly over the past two years, making the old limit increasingly restrictive.
The CBN did not immediately release the full details of the policy or when it takes effect. The central bank typically announces such changes through its official channels and updates its foreign exchange guidelines accordingly. Banks and money transfer operators will need time to process and implement the new limit across their systems.
This is the first major adjustment to the tuition remittance limit in several years. The previous $15,000 ceiling had become a source of frustration for middle-class families whose children attend expensive institutions. Some parents had to explore informal channels or use multiple accounts to meet their children's education costs.
Education analysts say the increase should ease pressure on families but may not fully solve the problem for those attending elite universities. Tuition at top-tier American and British institutions regularly exceeds $25,000 per semester, meaning families will still need to cover gaps from other sources or through scholarships.
