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Central Bank of Nigeria Directs Banks Prioritize School Fees Demand

Central Bank of Nigeria Directs Banks Prioritize School Fees Demand

Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has directed banks and authorized foreign exchange dealers to give priority to customers seeking foreign currency for payment of school fees and personal allowances for overseas travels.

The Central Bank of Nigeria has said this in a statement by the Director, Corporate Communications Department, Alhaji Muazu Ibrahim, on Sunday in Abuja Nigeria.

The bank assured forex users that it would continue to meet their demand so long such demands were for legitimate purposes

“All legitimate requests for foreign currency for eligible transactions such as remittances for school fees, Business Travel Allowance, medical and other eligible transactions shall be fully met at the official exchange rate.

“Already, all the legitimate demand for such transactions through recognized channels have so far been fully met by the Central Bank of Nigeria.

“The CBN hereby directs all authorized dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions,” it said.

It stated also that holders of Naira denominated debit and credit cards would continue to have access to the use of their cards at Automated Teller Machines in any part of the world.

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