The apex bank, however, explained that it would henceforth prioritize sales of forex to sectors that are more productive in generating employment and adding value to the Nigerian economy.
Banks’ managing directors had last Friday revealed that payment of foreign school fees alone guaffed 15 per cent of the total foreign exchange supply, far more than the amount that goes to the importation of raw materials.
A source at the Central Bank on Sunday, February 11, revealed that some of the newsmen who covered the Bankers’ Committee Meeting last Friday had misconstrued what the banks’ chiefs had said to mean a stoppage to the sale of foreign exchange for the payment of school fees.
He assured that the apex bank had no immediate intention of banning the sale of foreign exchange to those schooling abroad, but stressed that the top priority was to ensure that forex went to those that would add value to the local economy.
