CBN plans to impose $10,000 yearly limit on foreign school fee payments through BDC operators
The Central Bank of Nigeria (CBN) is considering implementing a yearly cap of $10,000 on the payment of educational fees at foreign schools through Bureau De Change (BDC) operators.
As per the updated regulatory directives from the central bank regarding Bureau de Change (BDC) operations in Nigeria, there will be a limit of $10,000 per customer annually for the purchase of foreign currency specifically for school fees.
This procedure necessitates the transaction to be completed via the BDC’s foreign currency account held in a Nigerian bank, guaranteeing a seamless payment directly to the educational institution.
The proposed guidelines:
“BDCs may sell foreign currency up to the equivalent of USD10,000 to a customer for school fee once a year. Such fee, which shall be transferred from the BDC’s domiciliary account with a Nigerian bank, shall be paid directly to the school.”
The requirement also specifies that these transactions must include a specific set of paperwork: a completed e-Form A, evidence of admission or course enrollment, the school’s bill or invoice, and, for postgraduate studies, either a copy of the undergraduate degree certificate or an officially validated statement of achievements.
