Nigerian Students Studying Abroad To Pay More As CBN Withdraws Form A Discounted Rate

Nigeria’s apex bank has withdrawn the ‘Form A’ discounted rate that allowed Nigerian students studying abroad pay fees at relatively lesser rates.

By implication, Nigerian banks will now source for funds themselves and sell at higher determined rates against the Central Bank’s rates.

The Withdrawal of the Form A will make it difficult for students to pay their fees using affordable payments method. The only payments method available to Nigerian students will be the expensive parallel payments markets.

A memo from the Manchester Met University in the U.K. confirmed this development. The ‘Form A’ discounted rate, per the memo, was withdrawn on the 31st of December 2022.

Experts say that the withdrawal was to encourage more funds to remain in the Nigerian economy.