10 Requirements To Buy Forex for Foreign School Fees In Nigeria (Updated)

Assuming you’re offered a provisional admission at a Canadian university, your next hurdle is to search for the fastest channel to make payment for tuition fees. What’s the best way to go about it? What are the documents you need to begin the process?

If these are some of the questions that keep bothering you, don’t worry, the Central Bank of Nigeria (CBN) has provision for foreign students to meet their forex need through Form A.

Form A is an application form provided by the CBN for Nigerians to make payment for services abroad, invisible trade like foreign tuition, foreign training courses, mortgage, and foreign medical bills.

The good news…

Nigeria’s apex bank has simplified applications for forex through its digital platform called Trade Monitoring System where you can submit application for forms A, NCX, NXP.

Most Nigerian banks now have Foreign Exchange Teller Points (FXTP) that will urgently treat your FX request for foreign schools fees immediately.

Specifically, there are three effective ways to pay international tuition from Nigeria, they are:

  1. Through CBN Form A
  2. Via domiciliary account
  3. Via an agent (Not recommended)

CBN Form A

Before the recent circular on the purchase of foreign exchange in Nigeria, the forex market was filled with lots of exploitative activities of bank officials who hoard forex, thereby pushing students or guardians who needed them to buy from BDC operators at a ridiculous price.

We hope that the practice has stopped following the announcement of CBN on Tuesday, July 27, 2021, that any bank found violating the new order would be sanctioned.

RELATED:  Naira Slides To N515 Against USD As Forex Market Struggles To Adjust To CBN New Policy on BDC

So, paying through Form A in Nigeria is the best way to pay for school fees abroad because it allows you to purchase forex at the CBN or interbank rate, which is the cheapest.

Bank exchange rate:

At the time of publication the CBN exchange rate for foreign school fees was:

  • USD: N412/$1
  • EUR: N489.57
  • GBP: N574.79/£

If you are buying FX from the BDCs, you would pay N150 more than the interbank rate.

Form A requirements are:

  • You must complete Form A
  • You possess a Valid means of ID (Nigerian International Passport or Foreign passport with Nigeria as the place of birth, Driver’s License, Voter’s Card, National Identity Card.)
  • Student’s valid International passport data page
  • Your Bank Verification Number (BVN)
  • Your admission letter from the foreign school that offered you admission
  • Payment invoice stating the amount to be paid to the institution
  • For a post-graduate applicant, you must include your first-degree certificate
  • Bank details of the school abroad
  • You  must fund your account with the Naira equivalent of the requested amount to be paid
  • A written instruction giving your bank the authority to debit your account
  • A written letter of indemnity if parent or guardian is making payment on behalf of their child.
  • The school you intend to make payment to must be a university or tertiary institution

Note:

The maximum limit of forex you can buy for schools fees abroad per semester is USD $15,000 or its equivalent in Pound Sterling or Euro and the fees will be paid directly to the institution’s account.

You will have to be a customer of most of the Nigerian banks to make school fees payments to institutions abroad.

RELATED:  26 African Currencies That Are Weaker Than Naira

Flight ticket is optional for new and returning students

Via domiciliary account

Paying through isn’t recommended for a student who doesn’t have an existing domiciliary account. Because setting up a dom account could take up to a week by some banks to send your bank details to you.

But if you already have an existing dom account all you need to do are:

  • Fund your account that will cater to your schools’ fees and banking charges
  • Present to your bank the admission letter from the foreign tertiary institution
  • Obtain Form A to fill the necessary details
  • The account will be debited.

Paying for tuition through agents

This isn’t recommended because some people can pose as an agent when they are not.

Duration of processing:

Your application will be processed within 24 hours if you have all the required documents.

Before now, it could take up to a week, 72 hours, 48 hours depending on the bank, but the CBN has vowed to sanction any bank found deliberately delaying fx payment for students.

Takeaway:

The first option, form A is the best way to pay for tuition fees abroad from Nigeria since Godwin Emefiele vowed to deal with banks that sabotaged CBN’s efforts in the forex market.

 

49 thoughts on “10 Requirements To Buy Forex for Foreign School Fees In Nigeria (Updated)”

  1. Chimaka Augustine

    I got admission on April so I want to pay my tuition fees thought my domiciliary account with uBA bank till now I have not receive any debite alert and my deadline is this month august pls what can i do

  2. Emmanuel

    Gud day sir, is it possible to source for forex from CBN for a two months program in India? It’s a Train the Trainer program in India?
    Thanks
    Emmanuel

    1. InfomediaNG

      Yes. Provided you have valid documents to back your application. Remember, it now takes a longer time for CBN to approve Form A application, it takes at least four weeks.

  3. Elliot Takpor

    Am ashamed of this country. With your own money you can pay tution fees. You can’t pay international fees.

  4. Elliot Takpor

    Form A delay . I have been approved for disbursement reviewer since 2nd june 2022, till now no reply.

    1. Victor

      I have similar issues adb disbursement review since July 2 2022

  5. Chinomso

    Hi. Please I have completed the Form A since 15th of May and haven’t been debibited till date. I used UBA bank and have even contacted them. They told me it’s first in first out. What should I do?

    1. Opeyemi Quadri

      It takes a longer time because of the scarcity of forex. You may seek alternative funding

  6. Micheal

    Hello does CBN approve forex fund for undergraduate programs in colleges? Because my form A has been declined several times sayif Cbn don’t approve funds for college programs.

  7. Idris m sheshi

    Pls can I use savings account for the tradesystem in payment of school fees abroad?

  8. Seun

    I will like to ask, how much is the CBN rate now for pounds (£) if I want to pay my school fees with From A.

  9. Samuel kenny

    Good day,
    Pls how long does it take CBN to disburse money from my account. I have done all the necessary things and my bank has approved it but they haven’t disburse the money.. since on the 12th of may 2022.

    1. Obinna

      I also applied around the same time and haven’t been debited.. I used UBA. What can be done

  10. Treasure

    Hello, Thanks for the article ….Please what’s the limit for upkeep to be sent to an international student and how often can one send it ?

  11. josh

    This is my first time sourcing for FX from CBN my brother is already in school in Uk and has already paid his school fees for the session what if I want to source for pounds for his monthly upkeep.

  12. Adenike

    Good day,
    Can I pay for tuition from my savings account or it has to be from a current account?

    Thank you

  13. Presh

    Good day guys,

    Please I want to pay for my deposit in AUD as the school instructed that payment must be sent in same currency.
    I have initiated the form A but at the point of choosing exchange currency, I didn’t find AUD there, I only saw USD, EUR, GBP, YEN, CAD…..

    What should I do?

    1. InfomediaNG

      Hey Presh,

      The $ you applied for will be credited to the receiving school in AUD. Alternatively, add the instruction in the remark section. Or open a ticket at trms.freshdesk.com/support/tickets/new

  14. Tawakalitu Mopelola Ogunleye

    Hey, I filled the application form on the 28th of January 2022 and I did not received any mail acknowledging my application or success so I try to login in to check my status to I can re-apply the Otp that was said sent to my mail has not been received, I mailed the support team, I got a response to check my junks and spam which I have done before mailing them, but still went ahead to check, I send another mail to let them know have check I got a message that the massage was not delivered that CBN has blocked my massage. I call the support number today but not answer. I tried to login this evening still showing opt send to my mail but I didn’t get it. Please I will appreciate if this my issues can be resolve am really tensed and worried because I need to pay my tuition fee this February.

    1. InfomediaNG

      Hello Tawakalitu, kindly go through the comments section, we already have means of contacting support there

    2. Chiedozie

      I have filled the form online since 14/1/2022 till now it has not been approved. I have written CBN blocked the mail i have called them they did not pick the deadline for my school fees was 31/01/2022 (AF202….) please i really need help.

  15. Lola

    Hello, the status of my account says recommended for approval and i am yet to be debited since 20th jan. Pls advise on what to do . Thanks

    1. InfomediaNG

      Hello Lola,
      Unfortunately, you can’t do anything about it. You have to wait till you are debited.

  16. Ewenike Chigozie

    Hello, please I applied for e form-A since 14th January, 2022 and which was approved on 17th subject to submission of the original documents to first bank branch. I went to the bank for submission and was told that I don’t need to submit any documents with them that the money will be paid to their bank authormatic, but till date now have be waiting it’s has not being deducted from my account. Please what do I do because the deadlinefor f the payment is 28th.
    Please help me out.

    1. InfomediaNG

      Hello Ewenike,

      eForm application is strictly online. Your bank has no control over it. Approval is by in Abuja by CBN.

      Kindly open a support ticket at trms.freshdesk.com/support/home or call 234(0) 817 665 6487

  17. Nurudeen Lawal Said

    Hello pls, how do I send a monthly stipend to a student in US as I am not a parent but assisting them? Is it possible to get official forex? Also pls is it possible to apply for forex to buy medical equipment officially?

    1. Ope Quadri

      Apart from the school fees which can be sourced at the official rate (and paid directly into the account of the institution), most parents use other secured alternative means to send monthly stipends to their children in overseas institutions. You can check the required documents for invisible transactions in one of our articles

      On Importation of medical equipment:
      It’s difficult to access the official forex to import medical equipment unless it’s a government hospital. Presently, there is rationing going on at the official foreign exchange market

  18. Ernest

    I have been trying to apply through tradesystem . gov . ng without success

  19. Olotu adewumi

    Please I want to fill the application form A but my passport is not ready and deadline for payment is tomorrow,what do I do?

    1. Ope Quadri

      Your last option is the Immigration office. If you know anyone at the point/state of registration, you can get your passport in less than 12 hours.

  20. Aderoju femi

    I have submitted my application for eForm A and have received mail that the application is successful since Friday 3rd of December 2021 but uptill date have not gotten a message for disbursement and my payment deadline is Friday 10 of December, the processing bank I choice is UBA, please I need assistance please

    1. Hello Femi

      Call UBA Customer service on 0700 225 5822 or send a direct message to them on Facebook at facebook.com/ubagroup or on instagram.com/ubagroup/

  21. Adetutu odekunle

    Is there any provision for the transfer of monthly upkeep for international students through form A from Nigeria?

    1. Ope Quadri

      Yes, if you’ve not exceeded the maximum limit. If the transfer limit has been exceeded, then parent could source alternative means. Another means is: parents could make transfers from their personal dom account to fund kids’ monthly stipend abroad.

      1. Okechukwu

        Good morning. Please what is the limit one can apply in USD for the upkeep and maintenance allowance?

  22. Adeb.

    Hi Ope,
    Thanks for this, how do we get the rates for CAD. Also is the rate dependent on the banks or do all banks use CBN rate so it’s the same across all banks?

    1. Ope Quadri

      Hello,
      You can use cbn.gov.ng/rates/ExchRateCalc.asp to get for any currency that isn’t on the CBN exchange rate page.

      Second, the official rate is dependent on CBN rate which DMBs are statutorily mandated to comply with. But, there is a slight difference between the CBN and bank rates, usually NGN2 to NGN4 margin. So, it isn’t the same across board as it should.

      For instance, CAD CBN exchange rate at this time was NGN325.8762, meaning bank shouldn’t sell it more than NGN330. Check at your bank for a specific rate.

  23. Abayomi Yusuf

    What if I want to pay for a whole session (and not per semester) at once, and the amount is a little bit above the $15,000 limit, will that be possible?

    1. Hello Abayomi,

      Talk to your bank about this, they will be able to guide you.

  24. faith osaetin

    if i have the money, dollar in my dom account already, at what rate will cbn charge me. Also at what rate does cbn give in exchange to fx?

    1. Ope Quadri

      As of October 8, it was N414.67/$1 at the Exporters window. But most times, there may be a slight difference from what you get at your bank. Could you check the contact us page, send us a message to get more clarification on your question?

  25. Emmanuel Orukewe

    It’s been a week now that I filled the form in Union Bank and I have not been debited, my dead line is 22 September, I don’t even know what to do next.

    1. Ope Quadri

      Reach out to Union Bank’s Forex Desk

      1. Gbenga

        Same issue is 2week now. I have called the bank and no solution

  26. kolawole

    What if you are to pay in bits to the schools account, what steps need to be taken. Say for instance, you want to pay about 2000pounds out of 12000 required. do i need to have all my school fees available before going form A route?

    1. Ope Quadri

      Hey Kolawole,

      It’s still the same process. But ensure to keep your payment receipts.

Leave a Comment

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Scroll to Top
Share via
Copy link
Powered by Social Snap