Update On FX Challenges For International Students In Nigeria
Word on the street right now is that Nigerian commercial banks have announced that international school fees and upkeep requests through Form A will now be processed within 120 days, which is 17 weeks.
Form A is an application form designed by the Central Bank of Nigeria to pay for service transactions (invisible trade) like foreign tuition, training courses, and medical bills.
The banks announced this through their emails to their customers on Tuesday.
Amid the existing forex scarcity in the country, students and prospective students are hereby encouraged to apply for PTA/BTA some weeks ahead of their trip and also ensure their account is sufficiently funded to cover the Form A charge and other processing fees in order to avoid rejection of the application.
They stated that a minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch.
On this issue, here are a few things to note:
- – The payment of PTA/BTA is subject to a maximum of $2,000 and two quarters in a year, while funds will be disbursed within the week of the trip.
- – Application for upkeep is subject to a maximum of $1,500 (or its equivalent in other currencies) per semester and is limited to two semesters per session.
- – Payment of school fees is subject to a maximum of $7,500 (or its equivalent in other currencies) per semester and is limited to two semesters per session.
- – PTA / BTA requests are now processed a maximum of twice annually per applicant to the tune of $2,000 per application where the request is within 14 days of the travel date.
- – A minimum of 16 weeks is required for processing school fees and upkeep/maintenance, after the submission of documents along with the approved Form A at the branch.
- – Application for Form A for school fees, student upkeep, and PTA/BTA, must be processed on the Central Bank of Nigeria’s Trade Monitoring System and must be in line with regulatory requirements. Source: The Punch Newspaper.
Not to worry, here’s the best part, TGM Education has a partner BDC which can assist you with making international payments at very discounted rates!
With us in your story, you have absolutely nothing to worry about! Engage with us via our social platforms, WhatsApp/Call us on any of these numbers, 0908 077 5662, 0908 807 1353, 0908 807 2044, or 0908 807 2043. Contact us at TGM Education and begin your school application at no cost (T&C Apply).
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