₦airaland Forum

Nigerian banks have announced that individuals looking to pay international tuition fees can do that directly from their naira accounts using the Central Bank of Nigeria’s (CBN) ‘Form A’ portal.

The Form A platform is a CBN-regulated channel that allows Nigerians to pay for eligible services such as school fees, medical bills, and training courses using the official foreign exchange window.

The announcement follows recent improvements in foreign exchange (FX) liquidity.

In an email to customers on Monday, GTBank said the process is available for applicants paying bachelor’s and postgraduate educational fees abroad.

“Pay international tuition fees directly from your Naira account,” the notice read.

To access the service, customers are required to register and submit an application via the trade system portal at http://www.tradesystem.gov.ng.

“Select Form ‘A’ application for Educational Fees. Choose GTBank as the processing bank, attach required documents, and submit the application,” GTBank said.

In a similar notice, Lotus Bank also informed customers of processing international fees using its facility.

“Register on the Trade System Portal (www.tradesystem.gov.ng). Select Form ‘A’ application for Educational Fees. Choose Lotus Bank as the processing bank, attach required documents, and submit the application,” the bank said.

Speaking to TheCable, a Lotus Bank official said the international fees processing was never suspended, however, there was low patronage since the floating of the naira and the scarcity of FX.

“The process has always been, but due to lack of funds, too many people are chasing the funds. But nowadays there’s money,” the official said.

“When the president floated the naira, there was some resistance due to the difference in exchange rate and introduction of additional documentation too. This made people want to shy away from the processes.”

‘PROCESSING PERIOD REDUCED TO FOUR DAYS’

The bank official also clarified that the process of making international fees has shortened to four days due to the availability of FX.

In 2022, Nigerian banks said international school fees and upkeep requests via Form A will be processed within 120 days due to forex scarcity at the time.

Speaking further, he said the application process entails that “once you send your instructions, the treasury team will source the dollar, which is T+2 (two business days). That means you send the instructions today, and by Thursday, you will be debited for the dollar, and then by Friday, the school will receive the funds”.

The official added that the documents required for the school fee payment are: admissions letter, ⁠school invoice, ⁠international passport, instructions to debit your account and pay the school, tax clearance certificate and ⁠form A.

The development comes one month after commercial banks announced the resumption of international transactions on their naira cards.

Source: https://www.thecable.ng/nigerian-students-can-now-pay-uk-us-tuition-fees-with-naira-cards/

I do not think it makes any difference it is also the equivalent in dollar

That's nice, I really suffered then with dollar card vendors

Tinubu is solving legacy issues gradually. May God bless federal Republic of Nigeria.

Awesome news. Nigeria is now starting to operate like a advanced countries.

LegendHero:
Source: https://www.thecable.ng/nigerian-students-can-now-pay-uk-us-tuition-fees-with-naira-cards/

Good news everywhere

God bless Tinubu

God bless Nigeria 🙏

[quote author=chiefolododo post=136274287]I do not think it makes any difference it is also the equivalent in dollar[/quote]

Yes because there is no longer discrepancy again between parallel and official rates which some some people have abused in the past

I cant understand the way we come up with policies just to punish ourselves. So they just put so many people through unnecessary anguish for no reason when they stopped the naira cards from foreign payments. This country. It is not for the faint hearted.

Lol what's the point kwanu, Black market rate and bank rate are literally the same thing

The exchange rate used by GTB is exorbitant.
It will either push people back to virtual card providers or other cheaper options.

chiefolododo:
I do not think it makes any difference it is also the equivalent in dollar

Have you traveled out before and in need of dollar? If not, you will not understand.

From less than 400 it was 2 years ago to now 1,500 naira for $1. Is that progress or going backwards?

Tinubu is a goal. Good policy I must say . I had to save 20dolars every month just for online payments

Shame never they catch una. They have rejected u people and u are still forcing urselves to pay school fees. Shame

Good one BAT. We shall get there gradually and we shall surpass. I believe in our President.

chiefolododo:
I do not think it makes any difference it is also the equivalent in dollar

There is a big difference, sourcing for USD comes with its own risk. I remember the number of times I got USD from BDC that were rejected by the bank. If the BDC weren't my regular customers na stories for end am.
Its far better you have the naira and pay from your account.

Hmmmm these people want to suck us dry ooooweeeeeeerere

Lol. For naira wey no get value?

Besides people still dey go UK?

How Emiefewerey suffered us! Form A wahala. Jagaban tried for removing arbitrage.

I guess this should be good news for international students.

Borrow money, loot most of it, sell the rest to Nigerians to pay school feels back to the people u borrowed from which they use to keep their school running and subsidize the education of their people. They have more slave labour to keep their economy running without the need to do the dirty jobs.

Nigeria

Loses fx
Nigerian education keeps deteriorating
Our national debts keeps increasing
Brain-drain continues

Please don't make racist and tribalistic comments on this section

chiefolododo:
I do not think it makes any difference it is also the equivalent in dollar

Wailing wailer, anyways , that good news is meant for Nigerians and not emergency lovers of Nigeria during elections.


Know this and know peace, you shall wail till 2031, even your wails continues ad Asiwaju will still install his successor, so have a long wailing planning ahead of you.


God bless Nigeria.

Are we going forward or are we going backward ?
Why form A again ?

Lol Bank Card body fit carry large amount....


I'm used to my alternative...


The rate don balance so wahala for who even dey go through banks dey fill Form M up nd down..

when most Big CeX crypto app have dere own Personal Virtual card that will do same rate with over 10k to 15k usd daily without no extra charges or any form M or A....


The only thing I like with the Policy is the Rate being unified...


So anyone that wants to bring the rate down should make sure the rate is unified cause some people can't be getting the Dollar at cheap rate and be reselling while we the citizens bare the burnt..

chiefolododo:
I do not think it makes any difference it is also the equivalent in dollar

As long as your movements does not pass imo to Abia... U can never understand the challenges in getting $.

God bless Nigeria, we will get there

Perfect.

Grateful

We move

Forward and ahead. We hail thee

Continue making Britain rich
They don't want you. They want your money

Obidients won’t like this development at all, this is bad news

Odiegwu. Wait until they begin to tell their stories.

rinzaugustine:
From less than 400 it was 2 years ago to now 1,500 naira for $1. Is that progress or going backwards?

You don hold dollars before?

There was never a time the common man buy dollar at #400 easily 2 years ago.

If you get family or if you die student abroad, to even see that dollar to buy for your schoolfees, you go first sort bankers, bribe your way out and in the end if you check it well, you go don pay like #750 on it with delay of several months.