By: Admin
The CBN has disclaimed the information circulating the media about their alleged withdrawal of the 'Form A' Discounted rate which would lead to the increased cost of overseas tuition fees from Nigeria.
The media have earlier reported that tuition fees for students outside Nigeria would be hiked starting from January 2023 due to the purported withdrawal of the 'form A' Discount rate in order to encourage more funds to remain within Nigeria.
The media, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn the Central Bank “Form A discounted rate” in order to encourage more funds to remain within the Nigerian economy.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.”
However, Mr Osita Nwanisobi, the director coperate communications department of the CBN has described the report as false and the purported advisory as misleading and speculative as at when he spoke with newsmen in Abuja, on Wednesday, June 22, 2022.
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, through Flywire, prior to December 31, 2022.
Mr Nwanisobi therefore urged all authorised dealers to ensure that payments for tuition outside Nigeria are made no earlier than 30 days prior to due date, even as he charged them to put in place measures to forestall abuse.
He also seised the opportunity to remind all stakeholders that front-loading (for both visible goods and invisibles) was contrary to the provisions of extant regulations, the CBN spokesman assured that the Bank will continue to meet all legitimate demands for foreign exchange.
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