The sale of foreign exchange (FX) for the payment of tuition at foreign universities will continue, according to the Central Bank of Nigeria (CBN).
Following reports that the “Form A” discounted rate would be discontinued as of December 31, 2022, the bank issued the clarification in a statement on Thursday.
Customers may purchase foreign currency at the CBN or interbank rate to carry out non-goods operations with the help of “Form A,” a legal document.
The reports, according to CBN, cited a higher education institution in the UK as saying that Nigeria had discontinued the CBN “Form A discounted rate” to encourage more money to stay in the Nigerian economy.
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New and returning students from Nigeria were reportedly advised by the school to “take advantage of the central bank.” While supplies last, Form A discounted rate.
According to the statement, Osita Nwanisobi, director of corporate communications, described the report as false and the alleged advisory as misleading and speculative in an interview with journalists on Wednesday in Abuja.
Nwanisobi claimed that CBN had not published such a policy and advised worried parents and students to ignore any recommendations to pay as much of their outstanding fees through Flywire as soon as possible, before December 31, 2022.
The CBN spokesperson emphasized to all parties involved that the bank would continue to satisfy all legitimate requests for foreign exchange and that front-loading was illegal for both visible and invisible goods.
In order to prevent abuse, Nwanisobi urged all authorized dealers to make sure that payments for tuition outside of Nigeria were made no earlier than 30 days prior to the due date.