Advertisement

CBN 'hasnt' stopped sale of forex for schooling, medicals

Forex for schooling, medicals still on, says CBN
February 19
21:09 2016
Advertisement

The Central Bank of Nigeria (CBN) says it has not stopped the allocation of foreign exchange to Nigerians who need it to pay medical and school fees abroad.

Ibrahim Mu’azu, director of corporate communications for the bank, urged Nigerians to disregard information stating so.

“The Central Bank of Nigeria (CBN) wishes to clarify to the general public that it has NOT stopped the allocation and sale of Foreign Exchange for purposes of paying school fees and settlement of medical bills overseas,” he said in a statement on Friday.

“The Bank therefore urges members of the public to disregard any contrary information in respect thereof.

“Despite assurances from the CBN, some persons have continued to suggest that the Bank had stopped the allocation of Foreign Exchange to Nigerians seeking to pay school fees and medical bills overseas.”

TheCable reported last week that the CBN will soon stop the sales of forex for such purpose, as discussed at the bankers’ committee meeting.

The committee had noted that medical and school fees amounted for 15 percent of forex demands being made by Nigerian, and called for an inward review.

“If you think about it, the pressure on forex now from school fees abroad is significant. The pressure medicals are significant,” Tokunbo Martins, director of CBN banking supervision department said.

“At what point should we begin to look inward? As Nigerians, we also need to be patriotic in terms of our sentiments.”

However, Mu’azu is urging “members of the public to discountenance such misinformation,” adding that “all genuine users desiring to obtain foreign exchange for the above-mentioned purposes are hereby urged to freely approach their banks with their requests and appropriate documentation.”

RECEIVE ALERTS FROM THECABLE

WHATSAPP 08113975334
TWITTER @thecableng
Copyright 2019 TheCable. All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from TheCable.
Tags
Advertisement

Social Comments

0 Comments

No Comments Yet!

Let me tell You a sad story ! There are no comments yet, but You can be first one to comment this article.

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

*

Advertisement
Advertisement
Advertisement
 

Exchange Rates

November 06, 2019USDGBPEUR
INTERBANK306397354
LAGOS362475413
KANO361474413
PH361475412
ABUJA362476413
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement