The Central Bank of Nigeria (CBN) has increased the maximum tuition fee remittance for students studying overseas from $15,000 to $25,000 per semester as part of broader reforms aimed at improving access to foreign exchange.
The revised limit, contained in the CBN’s Foreign Exchange Manual, Fourth Edition, came into effect on June 1 and applies to tuition payments made through authorised dealer banks for eligible overseas higher education institutions.
The policy also clarifies that tuition and maintenance allowances will be treated separately. Where tuition and maintenance fees are billed together, remittances will be made directly to the educational institution.
Students living off-campus, or whose maintenance fees are billed separately, may receive maintenance remittances of up to $5,000 per quarter. Nursery, primary, secondary, foundation and A-Level programs remain excluded from the framework.
Stakeholders welcomed the move, saying it better reflects the rising cost of international education.
“From a practical perspective, the policy may improve flexibility and predictability for students already committed to overseas study, particularly those attending institutions with higher tuition costs,” Simisola Smith, West Africa associate director at Grok Global Services, told The PIE News.
“The reality is that tuition fees at many international institutions now exceed the previous $15,000 threshold, particularly across destinations such as the UK, US, Canada, Australia and parts of Europe.”
We are operating in an environment where students are increasingly concerned about whether they will be able to secure visa appointments, obtain approvals, navigate changing immigration policies and ultimately begin their studies on time
Bimpe Femi-Oyewo, Edward Consulting
However, experts stressed that the revised cap addresses only one part of a much wider set of challenges facing Nigerian students.
“I do not believe the remittance cap is currently the primary factor shaping Nigerian students’ study abroad prospects. For many students, the bigger challenges today are access, visa uncertainty and funding,” said Bimpe Femi-Oyewo, founder and CEO of Edward Consulting.
“We are operating in an environment where students are increasingly concerned about whether they will be able to secure visa appointments, obtain approvals, navigate changing immigration policies and ultimately begin their studies on time.”
She also pointed to growing funding challenges for African students.
“While scholarships remain available, access to educational financing has become more challenging for many African students. Several major loan providers that previously supported international students have reduced or paused lending in parts of Africa, creating additional barriers for students who may still have unmet financial needs after receiving scholarships.”
The comments come amid growing uncertainty across several major destination markets. Earlier this year, The PIE reported that Nigerian student interest in the US had fallen by more than 50% following the expansion of Donald Trump’s travel ban, with students increasingly exploring alternative destinations.
Recent analysis by The PIE found Nigerian applicants faced a UK student visa refusal rate of 22.6% in the first quarter of 2026, among the highest rates recorded among the UK’s major source countries. Over the previous 12 months, refused Nigerian applicants generatedan estimated £1.6 million in visa fee income for the UK government.
Financial pressures have also intensified in recent years as the naira has weakened and international tuition costs have risen, prompting concerns over mounting tuition debt among Nigerian students in the UK as access to foreign exchange became more difficult, The PIE previously reported.
“Affordability and financial considerations have always been important factors for Nigerian students, but they have become even more significant in recent years due to currency devaluation, rising tuition costs and broader economic pressures,” said Femi-Oyewo.
“Families are asking not only whether they can afford a destination, but whether they can realistically obtain a visa, access funding and begin their studies without disruption.”
As a result, she said, Nigerian students are showing growing interest in destinations such as the UK, France, Spain, Ireland, Belgium and other parts of Europe, where pathways to study, work and long-term planning may appear more predictable.
Smith echoed Femi-Oyewo’s view that affordability has become one of the most influential factors shaping student decision-making, with families increasingly evaluating destinations through the lens of return on investment.
“The discussion is no longer simply about destination prestige; it is increasingly about return on investment,” she said.
Students are carefully assessing tuition costs, exchange-rate exposure, scholarship availability, employability outcomes, graduate work opportunities and long-term career pathways, she added.
From a recruitment perspective, Smith said the revised cap may help improve conversion among students who are already committed to studying abroad by reducing one financial obstacle within the payment process. However, she cautioned against overstating its impact.
“I would expect the impact to be positive, but relatively modest when viewed in isolation,” she said.
“The revised remittance cap is helpful, but I would not describe it as the primary factor shaping study-abroad prospects at the moment. One of the strongest themes emerging from our recent market intelligence work across Sub-Saharan Africa is that recruitment has become increasingly confidence-led.”
“The challenge is less about demand disappearing and more about increasing friction within the decision-making process.”
