The Central Bank of Nigeria has introduced strict measures for annual school and medical fee payments for BDCs. The bank places an annual $10,000 limit for school fees and $5,000 for medical bill payments with comprehensive documentation.
The apex bank said the measures are part of plans to streamline the activities of the BDCs in Nigeria and strengthen the naira.
The Central Bank of Nigeria (CBN) is reportedly planning to introduce strict measures on purchasing foreign currencies via Bureau de Change (BDC) operators in Nigeria regarding transactions on overseas medical and educational expenses.
The apex bank said this is part of its revised regulatory guidelines BDC operators issued on Friday, February 23, 2024. The guideline states that there will be a limit on foreign currency purchases for school fees at $10,000 per customer annually.
The bank stated that the process requires transactions with Nigerian banks via the BDC’s domiciliary accounts to ensure direct payment to the educational institution.
CBN said: “BDCs may sell foreign currency up to USD10,000 to a customer for school fees once a year. Such fee shall be transferred from the BDC’s domiciliary account with a Nigerian bank and paid directly to the school.”
It was reported that the guidelines also state that such transactions must be done by documents such as e-Form A, proof of admission or course registration, educational institution’s bill or invoice, and, for post-graduate studies, a copy of the undergraduate degree certificate or an official signed statement of results.
In the guidelines, the CBN also placed a limit of N5000 per annum for foreign currency transactions for medical bills abroad.
