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Immigration, Refugees and Citizenship Canada (IRCC) has initiated a review of the settlement fund criteria for immigrants, setting the minimum proof of funds at CAD $15,262, which is approximately N17.1 million.
This latest adjustment is higher than the previous minimum requirement of CAD $14,690. For a family of two, the new threshold has now risen to CAD $19,001, or over N21.2 million.
This change, effective from 7th July 2025, is part of IRCC's annual assessment of settlement fund requirements, calculated based on 50% of the low-income cutoff determined by Statistics Canada.
These funds are intended to show that applicants can support themselves and their families after arriving in Canada. Proof of funds is a vital requirement for both the Federal Skilled Worker Programme and the Federal Skilled Trades Programme.
Meanwhile, authorities in Dubai have recently implemented new visa restrictions for Nigerians, stating that tourists aged 18 to 45 must no longer travel alone to the Emirati city unless accompanied.
These new measures were introduced a few months after President Bola Tinubu's administration announced that Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE, accepted an invitation from Mr. Tinubu to visit Nigeria this year.
