CBN faults misleading report on payment of overseas tuition

The Central Bank of Nigeria (CBN) has faulted reports in media circles suggesting that the payments of overseas tuition fees from Nigeria will cost more as from January 2023, due to the purported withdrawal of the “Form A” Discounted rate, with effect from December 31, 2022.The bank’s position followed reports in certain media, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn  the Central Bank “Form A discounted rate” in order to encourage more funds to remain within the Nigerian economy.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.”