Nigerians schooling abroad will not pay more overseas tuition fees from January 2023 as being speculated by a foreign tertiary institution, the Central Bank of Nigeria (CBN) announced yesterday.

In a statement, the apex bank faulted reports suggesting that the payments of overseas schools fees would rise due to the withdrawal of the “Form A” Discounted rate, with effect from December 31.

The bank’s position followed reports, which quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn the Central Bank “Form A discounted rate” to encourage more funds to remain within the economy.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.”

A Manchester-based university purportedly issued an advisory, urging students whose tuition were paid from Nigeria to pay up as much portion of their outstanding fees as possible, through Flywire, prior to December 31.

The institution had claimed that the CBN planned to withdraw the “Form A” discounted rate to encourage more funds to remain within the economy.

But CBN Director, Corporate Communications Department, Osita Nwanisobi, described the report as false and the advisory, as misleading and speculative.

Nwanisobi said the CBN had not issued such a policy. He cautioned 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.

Reminding stakeholders that front-loading (for visible goods and invisibles) was contrary to the provisions of regulations, the CBN spokesman assured that the bank will continue to meet legitimate demands for foreign exchange.

Nwanisobi, therefore, urged authorised dealers to ensure that payments for tuition outside Nigeria are made not earlier than 30 days prior to due date. He charged them to put in place measures to forestall abuse.

Law of Armed Conflict: Principles and Concepts is a book that sets out to disseminate, promote and strengthen the knowledge of International Humanitarian Law (IHL) .

The book has 30 Chapters and 802 pages with a bibliography and index.

Written By Dr. Hagler Sunny Okorie

To Order: 08028636615, 08032253813 or 08037667945 or Princeton & Associates Publishing Co. Ltd No. 9 Ezekiel Street off Toying Street, Ikeja, Lagos Or Winners Chambers, No. 135 Ehi Road by Mosque Street beside First Bank, 3rd Floor back, Aba, Abia State or Faculty of Law, Abia State University, Umuahia Campus.

[Now On Sale] Book On “International Arbitration & ADR And The Rule Of Law”

Price: ₦15,000 or £20 per copy [Hard Back– 20 chaps/715 pages] Contact Information Email: WhatsApp only: 0803-703-5989 Voice Call – Mobile: 0817-630-8030,+234-805-2128-456, +234-909-9651-401 Landline: 09-2913581, +234-9-2913499, +234-9-2919209 Office Address: 50 Julius Nyerere Crescent, [Next To The World Bank], Asokoro, Abuja – Nigeria. Bank Account DetailsBank Name: UBA Plc.; Account Name: International Dispute Resolution Institute; Account Number: 1014072579