By Babatunji Wusu
• CBN’s Form A platform now processes tuition payments in just 4 business days
• GTBank and Lotus Bank facilitate direct naira-to-dollar payments
• Faster FX transactions driven by improved forex liquidity
• Application process streamlined via the Trade System Portal
• Reflects growing stability in Nigeria’s foreign exchange market
Nigerian students pursuing higher education abroad can now pay their international tuition fees within just four business days—directly from their naira bank accounts—thanks to enhanced foreign exchange (FX) liquidity and recent updates to the Central Bank of Nigeria’s (CBN) Form A platform.
The Form A platform, regulated by the CBN, enables Nigerians to access the official FX window to make payments for eligible expenses, including school fees, medical bills, and training programs.
GTBank and Lotus Bank have both announced that customers can now seamlessly process tuition payments for both undergraduate and postgraduate programs through their naira accounts. This is done by registering and submitting applications via the Trade System Portal.
To use the service, applicants must:
- Register on the Trade System Portal
- Select “Form A” for Educational Fees
- Choose their preferred bank (e.g., GTBank or Lotus Bank)
- Upload required documents, including an admission letter, school invoice, passport, debit instruction, tax clearance certificate, and completed Form A
According to a Lotus Bank representative, the process was never officially halted, but saw significantly reduced activity in recent years due to severe naira depreciation and FX shortages. These conditions led to delays of up to 120 days in 2022.
However, with improved FX liquidity in the banking system, transaction timelines have been drastically reduced. “Once you send your instructions, the treasury team sources the dollar within two business days (T+2). By the fourth day, the school receives the payment,” the official said in an interview with TheCable.
This development aligns with recent progress in Nigeria’s FX market, including the reactivation of international transactions on naira debit cards—a move that underscores increasing confidence in the stability and availability of foreign currency.
The improved turnaround time not only eases the financial planning burden on Nigerian students and their families but also marks a positive shift in the country’s efforts to create a more efficient and transparent FX environment.
