Forex for schooling, medicals still on, says CBN

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.”