CBN Gives Extra Forex For School Fees, Medicals & Personal Allowance

CBN Gives Extra Forex For School Fees, Medicals & Personal Allowance

The Central Bank of Nigeria (CBN) says it has provided additional forex to banks, as part of its efforts to alleviate the hardship experienced by Nigerians who need foreign currencies for school fees, medicals and personal travelling allowance.

The media reports that Isaac Okorafor, acting director, corporate communications of the apex bank, said this during a recent interview.

Okorafor also gave the assurance that the naira, which exchanges for N305 to a dollar at the interbank market and N517 at the parallel market, would regain its value as there have been improvement in local production.

The additional forex, the apex bank said, will be sold at 20 percent above the interbank rate.

“The Central Bank of Nigeria has taken a decision to directly fund banks with additional foreign exchange to be able to take care of some personal travel allowance, school fees and medical payments. With that, we have tried to set an exchange rate for those transactions at 20% above the interbank rate – that is, 20 per cent above the interbank rate that ranges between N305 and N315.

“The banks have been directed to sell to all the people that will come up for it and they actually have been directed to open up avenues at the airport so that they can deal with these demands.”

He gave the assurance that the naira would not plunge further adding that the shortage was due to reduced income for the country.

“The cause is obvious: we can’t earn enough again and we’re trying to rationalise and prioritise what we have at the moment so that it can meet the most basic needs of the country.”

Okorafor said that the rate of importation of goods and items that could be produced locally has reduced resulting in reduced pressure on the naira.

“Although people are trying to use all kinds of machinations and tricks to bring us to that (N1000/$1), it won’t happen because the economy itself, local production is picking up and the rate at which people import useless things is coming down. I am very certain the naira is going to come back, gradually.”

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8 Comments

  1. It is unfortunate that this government is surrounded by self-servicing people everywhere, worst still formulating anti-people economic policies at the CBN to run the forex market.

    Imagine increasing forex funding of oversea’s travelling, medical treatment, schooling, and holidaying which are the quests of the few elites in the nation who could probably afford and or influence such luxurious services; while on the other hand, our local educational, medical and holiday resorts are deliberately neglected and or under funded through the Conspiracy of our legislators and the executive arms of government. Just because. There is no health Institution in Nigeria that is good enough to treat just one Ailment perfectly. Our leaders are always rushing to Europe, India and the States for the smallest surgery, fuelling the economy of such countries. Haba!

    Factories are folding up every day because they don’t have enough forex to buy essential Raw materials or the needed spare parts for their operations. They are being forced to lay off their work force thereby increasing the already bad graduate unemployment market.

    Who is actually fooling who in this country?

    This is one of the worst policies of the CBN or government.

    Please give more forex to MAN (Manufacturers Association of Nigeria) to run our Economy and to get more people employed; to the hospitality industries to develop our local tourist centres to make them attractive to foreign tourists who will bring in their Euro, Sterlings and US Dollars, and to our local educational institutions to attract foreign students just like Ghana is doing; and more importantly to our hospitals to bring them to standards that could be called referral hospitals.

    It is a pity that despite the collaboration of organisations like Guinness and Indian Community on the treatment of eye ailments, patients are still being referred to India for some simple eye surgery.

    Arise oh Compatriots against these obnoxious polices that would not make this country develop nor get her out of her “Recession”.

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