CBN debunks increase in tuition rates for foreign students

CBN debunks increase in tuition rates for foreign students

The Central Bank of Nigeria, CBN, has refuted media claims that beginning in January 2023, payments for foreign education from Nigeria will be more expensive due to the alleged elimination of the “Form A” Discounted rate.

The bank’s stance came in response to claims in some media that cited a tertiary institution in the United Kingdom; saying that Nigeria had withdrawn the “Form A reduced rate” from the Central Bank in order to encourage more money to stay in the Nigerian economy.

The school allegedly issued a warning to prospective and current Nigerian students; advising them to “take advantage of the CBN Form A lower rate while this is still available.”

Director of the Corporate Communications Department, Osita Nwanisobi, branded the claim as incorrect; deceptive, and speculative in an interview with journalists on Wednesday, June 22, in Abuja.

Also Read: Microsoft now disclosing pay for all jobs

While cautioning worried parents and students to avoid any advice to pay up as much of their owing tuition as possible, through Flywire, before December 31, 2022, Nwanisobi claimed that the CBN had not issued such a policy.

The CBN spokesman stated that the bank would continue to answer all genuine requests for foreign exchange; while also reminding all stakeholders that front-loading (for both visible commodities and invisibles) was against the rules of existing regulations.

Nwanisobi encouraged all authorized dealers to put safeguards in place to prevent misuse. Further, he recommended that payments for tuition outside of Nigeria be made no earlier than 30 days ahead to the due date.

Meanwhile, Amazon is poised to eat into the market share of Nigeria’s big e-commerce competitors, such as Jumia and Konga.

The corporation wants to grow into five new nations across Africa, South America, and Europe, according to leaked documents.

According to a report by businessinsider.com, the five countries considered by Amazon are Belgium, Chile, Colombia, Nigeria, and South Africa. Even as it reduces its retail presence in the United States, Amazon is investing in long-term growth.

Amazon operates marketplaces in 20 different countries right now.

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