{"id":198422,"date":"2022-06-23T14:59:16","date_gmt":"2022-06-23T13:59:16","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=198422"},"modified":"2022-06-23T16:00:59","modified_gmt":"2022-06-23T15:00:59","slug":"overseas-tuition-well-continue-to-meet-all-legitimate-demands-for-fx-says-cbn","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/06\/23\/overseas-tuition-well-continue-to-meet-all-legitimate-demands-for-fx-says-cbn\/","title":{"rendered":"Overseas tuition: CBN reacts to alleged discontinuation of &#8216;Form A&#8217;"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has stated that it will not stop the sales of foreign exchange (FX) for payment of overseas tuition fees.<\/p>\n<p>The clarification was made by the bank on Thursday, following reports that<span class=\"acssf62a8\">\u00a0withdrawal of the \u2018Form A\u2019 discounted rate will take effect from December 31, 2022.<\/span><\/p>\n<p><span class=\"acssf62a8\">\u2018Form A\u2019 is a statutory document that allows customers to purchase forex at the CBN or interbank rate to perform non-goods operations.\u00a0<\/span><\/p>\n<p><span class=\"acssf62a8\">According to CBN, the reports quoted a tertiary institution in the United Kingdom as claiming that Nigeria had withdrawn the CBN \u201cForm A discounted rate\u201d in order to encourage more funds to remain within the Nigerian <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/22\/neiti-removal-of-fuel-subsidy-will-free-economy-from-bondage\/\">economy<\/a>.<\/span><\/p>\n<p><span class=\"acssf62a8\">The advisory from the school reportedly urged new and returning students from Nigeria \u201cto take advantage of the central bank Form A discounted rate while this is still available.\u201d<\/span><\/p>\n<p><span class=\"acssf62a8\">According to the statement, Osita Nwanisobi, director, corporate communications department, who spoke to journalists in Abuja on Wednesday,\u00a0<\/span><span class=\"acssf62a8\">described the report as false and the purported advisory, as misleading and speculative.<\/span><\/p>\n<p><span class=\"acssf62a8\">Nwanisobi said CBN had not issued such a policy, cautioning concerned 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.<\/span><\/p>\n<p><span class=\"acssf62a8\">The CBN spokesperson reminded all stakeholders that front-loading \u2013 for both visible goods and invisibles \u2013 was contrary to the provisions of extant regulations, and that the bank would continue to meet all legitimate demands for foreign exchange.<\/span><\/p>\n<p><span class=\"acssf62a8\">Nwanisobi, therefore, urged all authorised dealers to ensure that payments for tuition outside Nigeria were made no earlier than 30 days prior to the due date, charging them to put in place measures to forestall abuse.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has stated that it will not stop the sales of foreign exchange (FX) for payment of overseas tuition fees. The clarification was made by the bank on Thursday, following reports that\u00a0withdrawal of the \u2018Form A\u2019 discounted rate will take effect from December 31, 2022. \u2018Form A\u2019 is a statutory [&hellip;]<\/p>\n","protected":false},"author":17,"featured_media":107138,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[1172,18368,40581,3108,40574],"class_list":["post-198422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-central-bank-of-nigeria","tag-foreign-exchange-fx","tag-form-a","tag-godwin-emefiele","tag-oversea-tuition-fees"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Overseas tuition: CBN reacts to alleged discontinuation of &#039;Form A&#039;<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) has stated that it will not stop the sales of foreign exchange (FX) for payment of overseas tuition fees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/news\/2022\/06\/23\/overseas-tuition-well-continue-to-meet-all-legitimate-demands-for-fx-says-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overseas tuition: CBN reacts to alleged discontinuation of &#039;Form A&#039;\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has stated that it will not stop the sales of foreign exchange (FX) for payment of overseas tuition fees. 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