CBN Approves Naira Payments for Foreign Tuition — Here’s What to Know

Nigerian banks have resumed international tuition payments from Naira accounts through the Central Bank of Nigeria’s Form A portal.

The Form A application, created by the Central Bank of Nigeria, supports payments for service transactions like school fees.

Furthermore, it allows customers to buy foreign exchange at official rates for eligible services outlined in the CBN forex manual.

Recently, commercial banks also reactivated international transactions on Naira cards.

Now, customers can once again pay tuition fees abroad without using domiciliary accounts.

On Monday, GTBank and Lotus Bank announced this new development in emails sent to their customers.

GTBank stated, “Pay international tuition fees directly from your Naira account using the CBN Form A service.”

Similarly, Lotus Bank confirmed that the same service is available for students studying overseas.

To begin, customers must register and apply via the Trade System Portal at www.tradesystem.gov.ng.

Afterward, they should select the “Form A” option specifically for educational fees.

Next, applicants need to choose their bank either GTBank or Lotus Bank as the processing institution.

They must upload required documents like admission letters, school invoices, and valid identification.

Once done, the bank receives and reviews the application directly.

If everything meets requirements, the bank forwards it to the Central Bank of Nigeria for final approval.

Thankfully, this development brings relief to parents and guardians struggling with limited forex access.

Before now, many faced difficulties paying school fees abroad due to restrictions and declining Naira value.

Moreover, banks had earlier limited card use for international transactions, causing frustration for students and families.

With this update, the Form A process offers a simpler and more transparent way to handle tuition payments.

In conclusion, Nigerian banks and the CBN appear to be easing forex pressure, especially in the education sector.

Going forward, customers can access this service anytime by following the outlined steps on the official portal.

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