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A new foreign exchange policy was announced by the Central Bank of Nigeria on Monday, February 20.

Under the new policy, Nigerians can now access forex for payment of school fees for Nigerian students abroad, medical expenses, personal and business travel allowances.

The requirement or conditions to be met before a customer can have to access to forex for school fees, medical expenses and others under the new policy are as follows:

For Personal Travel Allowance (PTA)

1. Applicants should be 18 years of age and above.

2. Applicants/beneficiaries shall be holders of Nigerian passports.

 3. Applicants shall be account holders in the chosen bank.

4. PTA shall only apply to journeys of not less than five hours flight time.

5. Applicants shall be entitled to $4,000.00 per quarter. This means you cannot get more than $4000 in three months.

6. Applicants shall present verifiable BVNs to their bankers.




For school fees

7. Applications shall be for University education only. People who have children or ward in Primary/ Secondary schools outside Nigeria will not be able to access forex.

8. Remittances shall be made directly to the University’s account

9. Applications shall be for not more than $15,000.00 or its equivalent per term/semester.

10. Applicants shall be recognised parents/guardians.

 11. Applicants shall provide their Bank Verification Numbers (BVN) to their bankers.

12. Applicants shall present the following:

  • Duly completed form “A”
  • Admission letter from the university
  • Invoice from the university
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Here are 12 conditions you must satisfy to collect dollars at New CBN student rateSlimJayNEWSCBN
A new foreign exchange policy was announced by the Central Bank of Nigeria on Monday, February 20. Under the new policy, Nigerians can now access forex for payment of school fees for Nigerian students abroad, medical expenses, personal and business travel allowances. The requirement or conditions to be met before a...