Banks set limits to how much forex Nigerian students studying abroad can buy to pay school fees

Banks in Nigeria have provided updates on how much foreign exchange (FX) requests Nigerian students studying schools abroad are allowed to make.

The limits were announced in different email messages sent to customers seen by Legit.ng.

According to the banks, processing school fees would now take at least 60 days after receiving Form A documentation at their branches.

They also pegged the request to $15,000 per semester and a maximum of two semesters per session.

One of the emails reads: “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).

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.

“Applications for Form A (School fees, Student Upkeep, PTA/BTA) must be processed on the Central Bank of Nigeria’s Trade Monitoring System."

Banks' decision was made in response to the rising number of student applications for Forex.

CBN governor Godwin Emefiele at the 57th annual bankers’ dinner organized by the Chartered Institute of bankers of Nigeria (CIBN) held recently, revealed that the number of student visas issued to Nigerians by the United Kingdom alone has increased from an annual average of about 8,000 visas as of 2020 to nearly 66,000 in 2022.

He said: "The rising number of Nigerians seeking foreign education has added pressure on the forex reserves. "Study-related foreign exchange outflow to the UK alone as increased eight-fold to about $2.5 billion annually."