‘There’s no ban on forex for school fees, medical bills’ – CBN

The Central Bank of Nigeria has stated that, at the moment, there is no ban on the allocation of foreign exchange for the payment of medical bills abroad and school fees.

The disclosure was made on Friday, by the Director, Corporate Communications of the CBN, Alh Muazu Ibrahim.

According to Ibrahim, the CBN was compelled to make the clarification as a result of the widespread insinuations in that the apex bank had stopped allocation of forex for these purposes.

“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.”

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