Why do Nigerian students need to show so much money?

Immigration authorities require proof that you can support yourself without working illegally or becoming a public burden. For Nigerian students specifically, embassies are often stricter due to concerns about currency availability and economic conditions back home.

The amounts are based on actual living costs in each country. They’re designed to ensure you can focus on studies rather than worrying about money. Showing sufficient funds also proves your genuine intention to study and return to Nigeria after completing your program.

What happens if I don’t have enough funds in my account?

If your bank statement shows insufficient funds, even by a small amount, your application will be rejected. You’ll lose your application fee (₦100,000+ for most countries) and have to wait before reapplying. Always maintain at least 10% extra as a safety margin.

Whose bank account should the money be in?

The ideal situation is having the funds in your personal bank account. If using a sponsor’s account (parents, relatives), you need additional documents:

• Sponsorship letter signed by the account holder
• Sponsor’s bank statements (same duration requirements)
• Proof of relationship (birth certificate, affidavit)
• Sponsor’s proof of income/employment
• Sometimes: affidavit of support notarized by a lawyer

Corporate or business accounts are usually not accepted unless you’re the sole proprietor with clear documentation proving ownership.

How long should the money be in my account before applying?

Each country has different requirements:

• UK: 28 consecutive days ending no more than 31 days before application
• USA: 3-6 months of consistent balance, no sudden large deposits
• Canada: 4 months of statements showing sufficient funds
• Australia: 3 months of genuine savings
• Germany: Blocked account with required amount locked for 1 year

The key is consistency. Large, unexplained deposits right before application raise red flags. Start building your account balance 6-12 months before applying.

Can I use fixed deposits or investment accounts?

Accepted financial instruments vary by country:

• Accepted: Savings accounts, current accounts, fixed deposits, education loans from approved banks
• Sometimes accepted: Mutual funds, stocks (with valuation certificates), government bonds
• Usually not accepted: Real estate, business assets, cryptocurrency, informal loans

Always check specific country requirements. For example, Canada accepts Guaranteed Investment Certificates (GICs) from specific banks.

What if my tuition is already paid? Do I still need living costs?

Yes, living costs are always required separately. Even with full scholarships covering tuition, you must still show funds for living expenses. The only exception is if your scholarship explicitly includes a living stipend that meets or exceeds the country’s minimum requirements.

If you’ve paid tuition in advance, provide the receipt as evidence. This reduces the amount you need to show for tuition but doesn’t affect living cost requirements. Some countries (like the UK) have specific calculations: (tuition paid) + (living costs × months) = total required.

How do exchange rates affect the amount in Naira?

Exchange rates significantly impact the Naira amount you need. Embassies use specific exchange rates:

• UK: Uses OANDA exchange rate on date of application
• USA: Uses Treasury exchange rate, usually close to official rate
• Canada/Australia: Uses current market rates at time of application

Since the Naira fluctuates, it’s wise to:

• Calculate using worst-case exchange rates (add 10-15% margin)
• Monitor rates daily as your application date approaches
• Convert and deposit funds when rates are favorable
• Use this calculator regularly to track changing requirements