CBN removes exchange rates subsidy for overseas Nigerian students using form A
As part of its ongoing efforts to harmonise the country’s exchange rate, the Central Bank of Nigeria (CBN) has discontinued providing forex subsidies to Nigerian students studying overseas.
The apex bank made this known in a statement on Wednesday, saying that all segmentation is being eliminated and that 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.
Peoples Gazette had earlier reported that the CBN 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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Lagos
Gridlock on Apapa road as container falls off truck
A container fell off a truck and landed on its side at the roundabout near Fidelity Bank on Burma Road, Apapa, Lagos, causing a gridlock.
Politics
Ojudu warns of looming national crisis over political violence ahead of 2027 elections
“We have seen how quickly a crisis of confidence can become a crisis of the republic,” Babafemi Ojudu said.
Anti-Corruption
Unremitted Pension: PenCom wants EFCC to prosecute corrupt employers, recover funds
PenCom has sought the Economic and Financial Crimes Commission’s intervention to tackle pension fraud, particularly employers’ failure to remit pension contributions.
Economy
Nigeria risks repeating oil sector mistakes as 90% of data is hosted abroad: Oyedele
Mr Oyedele warned that Nigeria risks repeating the economic mistakes of its oil sector, citing estimates that up to 90 per cent of the country’s data is hosted abroad.
States
Kidnapping: Several terrorists killed, 16 hostages rescued in Niger, says army
Troops of the Nigerian Army have rescued 16 hostages and recovered arms and ammunition in Mashegu and Tungan Kawo in Rijau council area of Niger.
Economy
CBN imposes N1 billion capital requirement on crypto operators, gives 180 days to obtain licence
The directive is contained in the bank’s Regulations for the Operations of Non-Security Virtual Assets in Nigeria, issued on Thursday.
