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Give Priority to Customers Who Need Forex for School Fees, CBN tells Banks

The Central Bank of Nigeria, CBN , has directed all banks authorised to deal in the foreign exchange market to give priority to customers who need foreign currencies for the payment of school fees, students’ maintenance allowances as well as other business and personal allowances for overseas travels.

This was contained in a statement issued by its Director, Corporate Communications Department, Alhaji Muazu Ibrahim, with the bank assuring forex users that it would continue to meet all their legitimate demands.

Forex demand for invisible transactions, it said, would be met at the official/interbank exchange rate.

The CBN listed examples of invisible transactions to include overseas school fees remittances, student maintenance allowances, Basic Travel Allowance, Personal Travel Allowance and medical bills.

The central bank urged individuals wishing to obtain foreign currencies for such eligible transactions to approach their banks, adding that it had made adequate provisions of foreign currencies for such purposes.

The statement added 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.

This, it, however, added, would be subject to the annual limit of $50,000, noting that the ATM withdrawals would continue to be at a maximum of $300 per day.

The apex bank had earlier released a list of items excluded for funding from the official forex market.

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