CBN Opens New Doors for Students: Nigerians Can Now Pay UK, US School Fees with Naira Cards

Abuja, Nigeria — In a major boost for aspiring Nigerian students seeking education abroad, the Central Bank of Nigeria (CBN) has enabled the payment of international tuition fees using Naira debit and credit cards, significantly easing the financial process for thousands of families. The move, made possible by improved foreign exchange (FX) liquidity, applies to payments for schools in the UK, US, and other countries, and is facilitated through the CBN’s Form A portal.

This development marks a transformative shift in Nigeria’s forex policy, addressing long-standing challenges tied to FX scarcity and parallel market dependency.

Relief for Nigerian Students Abroad

Until now, many Nigerian students faced steep hurdles in paying international tuition, often turning to costly black market solutions due to a lack of foreign exchange at official rates. These parallel markets inflated fees and created stress for students and their families.

The new policy allows students to access FX at the official rate via the Form A portal, drastically reducing payment costs and delays. Transactions that once took up to 120 days can now be completed in as little as four days, according to banking sources.

“The system is robust with better FX availability, ensuring seamless transactions,” a GTBank official confirmed.

How the CBN Form A Portal Works

The process begins with registering at www.tradesystem.gov.ng, the official CBN Trade System Portal. From there, users select the Form A option for educational fees and choose their preferred processing bank.

To complete the process, students must upload supporting documents such as:

• Admission letter
• Tuition fee schedule
• Valid international passport

Once verified, the bank processes the transaction, converting Naira to the required foreign currency using the official exchange rate. Major banks such as GTBank, First Bank, Zenith, and Lotus Bank are already facilitating these payments.

A New Era for FX and Education

This policy reflects the CBN’s broader efforts to stabilize the forex market, which has seen improvement following the naira flotation and increase in diaspora remittances.

From 2022 to 2023, many Nigerian banks suspended international transactions on naira cards, forcing students to turn to fintech solutions like Flutterwave, Geegpay, and others. While helpful, these services often came with high transaction fees and unfavorable exchange rates.

The current system now offers a safer, cheaper, and faster alternative for educational payments.

Positive Reactions from Students and Schools

The policy has been widely welcomed by students and parents alike. Many note that it removes one of the biggest barriers to studying abroad — access to FX.

Universities abroad are also benefiting from timely tuition payments, which ease administrative processes and reduce visa processing delays for Nigerian students.

“This is a game-changer,” said Chika Okafor, a Nigerian postgraduate student in the UK. “I can now pay my fees without going through unlicensed channels or worrying about losing money to fluctuating exchange rates.”

CBN Reassures the Public

Amid social media rumors, the CBN has officially dismissed claims of discontinuing the Form A portal, reaffirming its commitment to supporting legitimate forex transactions, especially for education, medical bills, and training programs.

Education as a Pillar of Development

With over 22,000 Nigerians migrating to the UK via study routes in 2024, the policy could not have come at a better time. Analysts estimate that Nigerian students paid hundreds of millions of pounds in tuition fees last year alone.

While the devaluation of the naira in recent years has made education abroad more expensive, this policy offers a critical relief, aligning with national goals to prioritize human capital development and education-led economic growth.

Final Note: Ensuring Smooth Implementation

To avoid delays, students are advised to ensure their documents are complete and correctly uploaded. Banks, in turn, are encouraged to enhance internal processing and communication with international institutions.

As Nigeria’s economy continues on a recovery path — backed by cleared FX backlogs, positive credit outlooks, and market reforms — this policy sets a strong precedent. It not only promotes accessible education but also signals the CBN’s readiness to implement innovative forex solutions that work for ordinary Nigerians.