CBN faults misleading report on payment of overseas tuition –

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The Central Bank of Nigeria (CBN) has faulted reports in media circles suggesting that the payments of overseas tuition fees from Nigeria will cost more as from January 2023, due to the purported withdrawal of the “Form A” Discounted rate, with effect from December 31, 2022.

The bank’s position followed reports in certain media, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn  the Central Bank “Form A discounted rate” in order to encourage more funds to remain within the Nigerian economy.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.”

But speaking with newsmen in Abuja on Wednesday, June 22, 2022, the 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, even as he cautioned concerned 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.

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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.

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