Home Banking & Finance CBN suspends forex subsidies to Nigerian students overseas

CBN suspends forex subsidies to Nigerian students overseas


The Central Bank of Nigeria (CBN) has suspended the provision of forex subsidies to Nigerian students studying overseas.

The apex bank disclosed this via a statement on Wednesday as part of its ongoing efforts to harmonise the country’s exchange rate.

According to the statement, all segmentation is being eliminated and all segments would now be collapsed under the Investors and Exporters I&E Windows.

“All segments are now collapsed into the Investors and Exporters (I&E) windows. Applications for medicals, school fees, BTA and PTA, and SMEs will continue to be processed through deposit money banks,” the statement partly read.

These operational changes mean that Nigerians schooling abroad, paying for their school fees via CBN rate FX will now have to pay the floated market rate.

The CBN had earlier authorised commercial banks and dealers to sell foreign exchange freely at a rate set by the market, allowing banks to freely influence and determine the naira to dollar value.

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