Nigerian Students Pay UK US Tuition with Naira Cards as FX Liquidity Improves

Nigerian students pursuing education in the United Kingdom and United States can now pay tuition fees directly using naira cards through the Central Bank of Nigeria’s (CBN) Form A portal, a development aimed at mitigating long-standing challenges posed by foreign exchange (FX) scarcity. The initiative, enabled by improved FX liquidity, allows students to convert naira to foreign currency at official rates for educational fees, medical bills, and training courses. Transactions are processed within four days, a significant improvement from prior delays of up to 120 days [1]. This marks a shift from previous reliance on parallel forex markets, which charged exorbitant rates and inflated costs for students [2].

The payment process requires students to register on the CBN’s Trade System Portal (www.tradesystem.gov.ng), select the Form A option for educational fees, and submit documents such as admission letters and fee schedules. Banks then convert naira to foreign currency at the official rate for processing. GTBank confirmed the service covers bachelor’s and postgraduate fees, while Lotus Bank noted that the process had never been suspended but was limited by low FX availability in the past [3]. Nigerian banks, including First Bank, GTBank, and Zenith, had suspended international naira card transactions between 2022 and 2023 due to forex constraints, prompting students to use fintech platforms like Flutterwave and Geegpay, which often incurred higher fees [4].

The CBN’s recent interventions, including naira flotation and enhanced FX management, have stabilized the market. Improved diaspora remittances and cleared FX backlogs further support the policy’s feasibility. Over 22,000 Nigerians migrated to the UK for education in 2024 alone, paying hundreds of millions of pounds in tuition fees—a figure likely to rise as financial barriers decrease [5]. A GTBank official highlighted the system’s robustness, stating, “The system is robust with better FX availability, ensuring seamless transactions” [6].

The CBN has dismissed rumors of discontinuing the Form A portal, reaffirming support for legitimate forex requests. This assurance has bolstered confidence among students and families, who view the policy as a critical step toward accessible education. However, the naira’s devaluation in recent years has increased study abroad costs, making affordable payment options essential. The ability to use naira cards for tuition reduces reliance on costly alternatives and aligns with Nigeria’s economic development goals [7].

While the policy eases financial strain, students must ensure proper documentation to avoid delays. Banks and universities are urged to enhance communication for smoother transactions. As Nigeria’s economy shows recovery signs—reflected in improved credit ratings and cleared FX backlogs—this policy positions the country as a hub for global education. It also sets the stage for further innovations in international payments, offering hope to aspiring scholars.

Sources:

[1] TechNext.ng, https://technext24.com/2025/07/29/nigerians-pay-uk-us-tuition-naira-cards/

[2] TheCable, https://www.thecable.ng/nigerian-students-can-now-pay-uk-us-tuition-fees-with-naira-cards/

[3] Legit.ng, https://www.legit.ng/business-economy/industry/1666671-gtb-nigerian-banks-resumes-payment-foreign-tuition-fees-naira-accounts/

[4] Nigerianeye.com, https://www.nigerianeye.com/2025/07/nigerian-students-can-now-pay-uk-us.html

[5] Nigerianeye.com, https://www.nigerianeye.com/2025/07/nigerian-students-can-now-pay-uk-us.html

[6] TechNext.ng, https://technext24.com/2025/07/29/nigerians-pay-uk-us-tuition-naira-cards/

[7] Nairaland, https://www.nairaland.com/8486372/nigerian-students-now-pay-uk