Canada Raises Express Entry Proof of Funds to ₦17 Million: What Nigerian Applicants Need to Know.

In a significant move affecting aspiring immigrants from Nigeria and around the world, the Government of Canada has increased the minimum proof of funds requirement for Express Entry applicants under the Federal Skilled Worker and Federal Skilled Trades programs. The new threshold, effective July 7, 2025, demands that a single applicant demonstrate access to CAD 15,263 an amount equivalent to approximately ₦17 million, based on current exchange rates.

This change has serious implications for Nigerians hoping to immigrate to Canada through these streams, especially at a time when the naira continues to face pressure in the forex market.

Here are the most important updates and who they affect:
    •    Effective Date: July 7, 2025
    •    New Minimum for Single Applicants: CAD 15,263 (~₦17 million)
    •    New Minimum for Family of Two: CAD 19,001 (~₦21.2 million)
    •    Affected Streams:
    •    Federal Skilled Worker Program (FSWP)
    •    Federal Skilled Trades Program (FSTP)
    •    Not Affected:
    •    Canadian Experience Class (CEC)
    •    Applicants with a valid job offer in Canada

The update is part of Canada’s annual adjustment based on 50% of the Low Income Cut-Off (LICO) figures published by Statistics Canada.

List of Recommendations

If you’re a Nigerian planning to apply for Canadian Express Entry in 2025, here’s what you need to do:
    •    Update your Express Entry profile with the new proof-of-funds amount by July 28, 2025 to remain eligible.
    •    Start budgeting early, consider exchange rate fluctuations when preparing your funds.
    •    Keep funds in an eligible account: Ensure your bank statements meet IRCC’s format requirements (personal account, not shared, accessible).
    •    Speak to a certified immigration consultant to review your case if you’re unsure about how this affects you.
    •    Explore other immigration pathways like Provincial Nominee Programs (PNPs) or job-offer-based work permits that may not require proof of funds.

How to Get Started
    •    Visit the official Canada.ca Proof of Funds page for the full breakdown.
    •    Use reputable financial tools or speak with a forex advisor to track real-time CAD to NGN exchange rates.
    •    Begin gathering and organizing your financial documents early 6 months of official bank statements, gift deed letters (if applicable), and explanation letters are often requested during final rounds.

 Considerations:
    •    Don’t delay. If you’ve already created your Express Entry profile, failing to update your proof-of-funds can render you ineligible.
    •    Be cautious of fraud. Use only licensed immigration advisors or regulated consultants (RCICs).
    •    This update reflects a broader trend of increased financial scrutiny from Canadian immigration, especially for applicants coming from high-volume countries like Nigeria, India, and the Philippines.
    •    Make sure your money is liquid and readily available locked investments, property value, or borrowed funds do not count.

 Bottom Line:
If Canada is part of your 2025 plans, it’s time to review your finances and adjust your immigration timeline accordingly. The door isn’t closed it’s just gotten a little more expensive.

Planning to move to Canada in 2025? Let our travel experts guide you step-by-step from document checks to travel preparation.