school fees, medicals treatment can still get forex allocation from commercial bank

The Central Bank of Nigeria on Friday explained that it had yet to ban the allocation of foreign exchange for the payment of school fees and medical bills abroad.
The Director, Corporate Communications, CBN, Alh Muazu Ibrahim who made the clarification stated that school fees and medical payments still remain eligible for forex allocation.
He said the clarification became necessary as there had been insinuations in some quarters that the bank had stopped allocation of forex for these purposes.
He said, “The Central Bank of Nigeria wishes to clarify to the general public that it has not stopped the allocation and sale of foreign exchange for purposes of paying school fees and settlement of medical bills overseas.
“The Bank therefore urges members of the public to disregard any contrary information in respect thereof.
“Despite assurances from the CBN, some persons have continued to suggest that the Bank had stopped the allocation of Foreign Exchange to Nigerians seeking to pay school fees and medical bills overseas.
“All genuine users desiring to obtain foreign exchange for the above-mentioned purposes are hereby urged to freely approach their banks with their requests and appropriate documentation.”
The Bankers Committee of the Central Bank of Nigeria had last week Thursday lamented that within the last few months, the country has witnessed a significant increase in the demand for foreign exchange for payment of school fees and medical bills abroad.
It said the development is currently crowding out the demand for foreign exchange in the real sector stating that if left unchecked, the trend could affect the banking sector’s objective of stimulating the real sector of the economy through the provision of foreign exchange to productive sectors of the economy.
The Managing Director, Standard Chartered Bank Plc, Mrs Bola Adesola had while speaking after the meeting of the committee  said there was a need for Nigerians to make sacrifices and be patriotic in their activities.
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