BY Lanre Olagunju
Manchester Metropolitan University has asked the Central Bank of Nigeria (CBN) to speed up the payment of tuition transactions (Form A) for Nigerians studying in the United Kingdom.
Form A is an application form designed by the CBN to pay for service transactions (invisible trade) like foreign tuition, foreign training courses, and foreign medical bills. The service allows students to pay for foreign tuitions via CBN at an official FX rate rather than using the black market with a wide margin.
The process usually takes two to three weeks — depending on the application period.
According to a statement released to TheCable, the university management said the difficulty experienced by Nigerian students with respect to payment of tuition fees has become a growing concern — now taking more weeks.
“In recent months we have seen payments from students coming via the Central Bank of Nigeria (CBN) taking six to seven weeks or longer to reach us.
“A student coming to the University in September needs to make a statutory payment to secure their visa, and if this process is taking six to seven weeks it creates unnecessary stress for the students,” the university authority said.
TheCable had previously fact-checked claims by the UK university, alleging that effectively from December 31, 2022, the CBN will withdraw the provision of Form A, which helps Nigerian students studying abroad access foreign exchange at the official rate.
In a response to TheCable, touching on the speculative statement, the university said, “We understood that the CBN’s Form A discounted rate was to be withdrawn at the end of this year, and therefore, we gave our students guidance to help deal with the issues this might present.
“At Manchester Metropolitan University, our primary concern is always for the wellbeing of our students. Nigerian students primarily pay via the CBN using the Form A discounted rate.
“If this was withdrawn it may lead students to use parallel market payments which comes with a significant additional premium, adding to the financial burden for our students.”
The CBN, in its counter-response, said, “parents, students, and other members of the public should disregard the unfounded reports,” assuring Nigerians that the apex bank will continue to meet all legitimate requests.
With the renewed assurance from the CBN, the university urged the apex bank to critically look into fast-tracking the payment system.
“We are therefore pleased to hear that the CBN has now committed to maintaining the Form A discounted rate as this removes the risk of an added financial burden for our students. We would encourage the CBN to also explore ways of speeding up transactions as we are being regularly contacted by students concerned about the ongoing delays,” the statement from the university adds.
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