Nigerian Banks Process Over $500M School Fees Request From Nigerian Students Studying Abroad

The Central Bank of Nigeria has revealed that Nigerian students studying abroad purchased over $533.48 million in four months.

This was disclosed in the most recent statistical bulletin released by the CBN on its website.

The forex was processed across various banks including Access, Guaranty Trust Bank, and Zenith Bank among others.

Banks forex sale

In 2021, under the leadership of Godwin Emefiele, the CBN announced the discontinuation of forex sales to Bureau De Change (BDC) operators, which were primarily used by students, and instructed banks to fully process the requests.

The statement reads:

“DMBs are directed to set up teller points at designated branches across the country to serve FX requests for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, SMEs transactions amongst others.

Breakdown of the purchase

According to the CBN, over $500 million was processed between October 2022 and March 2023.

A detailed breakdown reveals that in October 2022, banks released $96.19 million for foreign education purposes, while in November 2022, a total of $125.29 million was made available for the same purpose.

In December 2022, the disbursed amount was $93.12 million, and in January 2023, it was $91.45 million.

In February 2023, a minor drop occurred with only $74.03 million released. March 2023 saw a modest decline with disbursement of just $53.40 million, as reported by the CBN.

It is anticipated that the amount will increase during the second quarter of 2023 (April to June 2023).