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Report On Hike In Overseas Tuition Fees From 2023 Is False-CBN

Report On Hike In Overseas Tuition Fees From 2023 Is False-CBN

Report On Hike In Overseas Tuition Fees From 2023 Is False-CBN

Report On Hike In Overseas Tuition Fees From 2023 Is False-CBN

The Central Bank of Nigeria (CBN) has debunked media claims that the withdrawal of the “Form A” discounted rate, allegedly effective as of December 31, 2022, will result in higher payments from Nigeria for abroad tuition costs starting in January 2023.

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The Central Bank’s “Form A discounted rate” was removed by Nigeria in order to encourage more money to stay in the Nigerian economy, according to allegations in certain media that cited a tertiary institution in the United Kingdom.

This led to the Bank taking a position in response to these reports. The institution allegedly issued a warning to future and existing Nigerian students, advising them to “take advantage of the Central Bank Form A lower cost while this is still available.”

Speaking with newsmen in Abuja, on Wednesday, the Director, Corporate Communications Department, Mr. Osita Nwanisobi, described the report as false and the purported advisory, as misleading and speculative.

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.

Report On Hike In Overseas Tuition Fees From 2023 Is False-CBN

While also reminding all stakeholders that front-loading (for both visible goods and invisible) was contrary to the provisions of extant regulations, the CBN spokesman assured them that the Bank will continue to meet all legitimate demands for foreign exchange.

Nwanisobi, therefore, urged all authorized dealers to ensure that payments for tuition outside Nigeria are made no earlier than 30 days prior to the due date, even as he charged them to put in place measures to forestall abuse.

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It will be recalled that a Manchester-based university was purported to have issued an advisory. Urging students whose tuition was paid from Nigeria to pay up as much portion of their outstanding fees as possible. Through Flywire, prior to December 31, 2022, based on claims that the Central Bank of Nigeria planned to withdraw the “Form A” discounted rate in order to encourage more funds to remain within the Nigerian economy.


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