Reports on social media claim that by the end of the year, the Central Bank of Nigeria (CBN), will stop the provision of Form A, which aids the payment of tuition fees for Nigerians studying abroad.
Through the ‘Form A’ provision, Nigerians studying abroad access foreign exchange at the official rate rather than sourcing from the parallel market which is always significantly higher.
Nigerians on social media have raised concerns over the news suggesting that effectively from January 2023, payments of overseas tuition fees will cost more.
“I just read that from December 2022, the CBN is canceling Form A. Prospective International Students from Nigeria will have to get FX for their school fees from the black market. It keeps getting worse,” says Adewale Adetona, via a post on Twitter that gathered 179 retweets, 22 quote tweets, and 368 likes.
I just read that from December 2022, the CBN is canceling Form A. Prospective International Students from Nigeria will have to get FX for their school fees from black market. It keeps getting worse.
— Slimfit (@iSlimfit) June 21, 2022
The claim also appeared on Twitter and Facebook alongside a screengrab of a circular, allegedly from the Manchester Metropolitan University.
“Withdrawal of the Central Bank Form A discounted rate from 31st December 2022,” reads the title of the accompanying document.
Apparently Manchester Metropolitan University sent this circular alleging that CBN is withdrawing form A by end of 2022 for fee payments. Japa via studies about to be more expensive if true. pic.twitter.com/FOPPz0PpkY
— Wissam Ben Yedder (@DipoAW) June 21, 2022
Response from Manchester Metropolitan University
TheCable reached out to the management of the Manchester Metropolitan University, to confirm that the alleged claim emanated from the school authority.
“We understood that the CBN’s Form A discounted rate was to be withdrawn at the end of this year and therefore we gave our students guidance to help deal with the issues this might present,” the spokesperson said.
Verification
Osita Nwanisobi, director of the corporate communications department of the CBN, said the purported advisory by the Manchester Metropolitan University is false and unfounded.
“The CBN has not issued such a policy,” Nwanisobi said.
He cautioned concerned parents and students to disregard any advisory to pay up as much portion of their outstanding fees as possible, through Flywire, prior to December 31, 2022.
Verdict
The CBN is yet to make an official policy declaration that Form A will discontinue by the end of 2022. The claim attributed to the CBN is false.
