The Central Bank of Nigeria has raised the maximum amount eligible Nigerian students can access for overseas tuition payments to $25,000 per semester.
This means a student studying at an eligible university or polytechnic abroad can now apply through an authorised bank to pay up to $25,000 per semester directly to the school.
Before now, the limit was $15,000 per semester. So if a student’s tuition bill was $25,000, the official bank route could only cover up to $15,000. The family had to find the remaining $10,000 from somewhere else.
That “somewhere else” could be savings in a domiciliary account, relatives abroad, scholarships, student loans, private transfers, or the parallel market.
So this policy does not mean foreign education has become cheaper. It means families who qualify may now be able to pay a larger part of the bill through the official banking system.
For example, if your child’s tuition is $25,000 per semester, one authorised dealer bank can now process that amount, provided the application meets the requirements.
If the tuition is $30,000, the bank window can only cover up to $25,000. The family still needs to find the remaining $5,000 elsewhere.
If the tuition is $100,000 a year, the family may still need other sources of dollars. The CBN has raised the official cap, but it has not removed the full cost of foreign education.
The rule applies from 1 June 2026 and covers eligible undergraduate and postgraduate programmes. It does not cover overseas education below university level, such as nursery, primary, secondary, foundation or A-level programmes.
Families must still apply through Form A and provide the required documents. These include an admission letter or course evidence, official tuition invoice, the student’s passport biodata page, and proof of enrolment for returning students. Postgraduate students must also provide a first-degree certificate or a certified copy of their result.
Tuition and living expenses are treated separately.
If the school bills tuition and maintenance together, the bank pays the school directly. If maintenance is billed separately, or if the student lives off-campus, maintenance can be sent to the student, but it is capped at $5,000 per quarter.
This distinction matters. The $25,000 limit is for tuition. It is not a blank cheque for rent, feeding, transport and other living costs.
For parents, the key decision is simple: check whether the programme qualifies, check the tuition bill, prepare the documents early, and ask the bank how long the process will take.
For students, the change may reduce the pressure of chasing multiple dollar sources when school fees are due.
For banks, it means they may now process larger education-related FX requests, but only where the documents are complete and the payment is eligible.
What changed? The official tuition payment limit has moved from $15,000 to $25,000 per semester for eligible overseas undergraduate and postgraduate studies.
What has not changed? Families must still use authorised dealer banks. They must still provide documents. The money is still paid under rules. And education below university or polytechnic level is still not covered.
Why it matters: Many families were already paying more than the old official limit. They were simply finding the balance outside the official bank window.
The new rule reduces that gap for some families. It gives them more room to use the formal banking system, instead of depending heavily on alternative dollar sources.
But it does not solve every problem. If fees are higher than $25,000 per semester, the extra amount remains the family’s responsibility. If banks delay processing, families may still struggle. If foreign exchange supply is tight, access may still be difficult.