The Central Bank of Nigeria (CBN) on Tuesday, 21 st February , released new guidelines to access Forex for Personal Travel Allowance and School Fees under the new policy. The CBN also said that it would start the sale of foreign exchange to big banks, merchant banks and small banks on weekly blogger.comted Reading Time: 2 mins 21/02/ · The Central Bank of Nigeria on Monday modified its foreign exchange policy with the reduction of the tenor of its forward sales from the current maximum cycle of days to 60 days from the date of transaction. For business and personal travel allowances, the CBN said it would ease the difficulties encountered by Nigerians [ ] 20 February Oyetunji Abioye. The Central Bank of Nigeria says schools fees and medical bills are still among the items that are valid for foreign exchange allocation at its official blogger.comted Reading Time: 3 mins
10 Requirements To Buy Forex For Foreign School Fees In Nigeria (Updated)
The Central Bank of Nigeria, CBN, has explained that its new foreign exchange policy is to cushion the hardship faced by Nigerians in paying school fees abroad, medical bills and travel expenses.
The new policy takes immediate effect. The NEC meeting presided by Acting President Yemi Osinbajo had expressed concern over the prevailing exchange rate situation in the country, especially the widening gap between inter-bank and the parallel market rates. While inter-bank rate, which is the official exchange rate approved by the CBN, stood at about N The Bank, in a statement on Monday by its spokesperson, Isaac Okorafor, explained that the new policy was to ease the difficulties encountered by Nigerians in obtaining funds for FOREX transactions.
Consequently, forex nigeria news school fees, the Central Bank said henceforth it would be providing direct additional funding to deposit money banks to meet the needs of Nigerians for personal and business travels, medical needs, and school fees.
Such retail transactions, the CBN said, would be settled at a rate not exceeding 20 per cent above the inter-bank market rate. On travel allowances, the Central Bank said it would immediately begin to provide FOREX to all commercial banks to forex nigeria news school fees the needs of both personal travel allowances, PTA, and business travel allowances, BTA, for onward sale to customers.
Equally, customers seeking FOREX to pay or settle medical bills would also have to pay directly to designated hospitals through their banks. The Central Bank said it would ensure the process was as smooth as possible, by supplying the FOREX to as many retail end-users as genuinely demanded for PTA, BTA, school fees, medical bills, etc.
Besides, to further increase the availability of FOREX to all end-users, the CBN said it decided to significantly reduce the tenor of its forward sales from the current maximum cycle of days, to no more than 60 days from the date of transaction. In addition, to ease the burden of travellers and ensure transactions were settled at much more competitive exchange rates, all banks were directed to open FOREX retail outlets at major airports as soon as possible.
Other steps approved by the bank to cushion the difficulties faced by Nigerians include the immediate implementation of a programme to clear all unfilled orders in the inter-bank FOREX market as well as plan to meet all unfilled orders.
Emphasising the need for total transparency and efficiency in the operations of the FOREX market, the Bank warned it would neither tolerate unscrupulous actions nor hesitate to bring serious sanctions on offending individuals, banks and their staff.
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, time: 1:57School fees, medical bills eligible for forex – CBN - Nigeria Business News
12/02/ · As financial authorities battle foreign exchange scarcity, the Central Bank of Nigeria (CBN) and Deposit Money Banks (DMBs) have resolved to suspend further allocation of forex for the purpose of school fees and medical bills overseas. The decision was reached in Abuja yesterday at the Bankers’ 21/02/ · The Central Bank of Nigeria on Monday modified its foreign exchange policy with the reduction of the tenor of its forward sales from the current maximum cycle of days to 60 days from the date of transaction. For business and personal travel allowances, the CBN said it would ease the difficulties encountered by Nigerians [ ] 21/02/ · The Central Bank of Nigeria says schools fees and medical bills are still among the items that are valid for foreign exchange allocation at its official window. This came barely two weeks after the Bankers’ Committee announced its plans to stop providing forex for bank customers for the purpose of paying school fees and medical bills
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