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CBN clears air on overseas tuition

The Central Bank of Nigeria (CBN) has urged the public to disregard certain reports that the payments of overseas tuition fees from Nigeria will cost more from January 2023, due to the purported withdrawal “Form A” Discounted rate, with effect from December 31, 2022.

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position followed reports, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn  the Central Bank “Form A discounted rate” in order to encourage more funds to remain within the Nigerian economy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

In a statement, the Director, of 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, prior to December 31, 2022.

The CBN spokesman assured that the Bank will continue to meet all legitimate demands for foreign exchange.

Reporting by Biodun Dare, editing by Daniel Adejo