Forex: Banks to prioritise demand for school fees, others

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

The apex bank said this in a statement by the Director, Corporate Communications Department, Alhaji Muazu Ibrahim, yesterday in Abuja.
The bank assured forex users that it would continue to meet their demand so long as 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 demands for such transactions through recognised channels have been fully met by the CBN.

“The CBN hereby directs all authorised 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.

It stated that the amount was subject to an annual limit of 50,000 dollars, noting that ATM withdrawals would continue to be at a maximum of 300 dollars per day.

The apex bank then advised the general public to channel any complaints arising from any authorised dealer’s refusal to process such legitimate demand to its director, of Consumer Protection Department for necessary action.