Friday, February 12, 2016

CBN to halt forex sales for medicals, school fees

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Abuja - The Central Bank of Nigeria (CBN) and the Deposit Money Banks (DMBs) will no longer issue foreign exchange for payment of school fees and medical bills.

The Director, Banking Supervision of Central Bank of Nigeria (CBN), Tokumbo Martins, made the disclosure while speaking at the end of the Bankers Committee meeting, in Abuja on Thursday.

Also read: Naira weakens further as CBN stops forex sales to BDCs[1]

She noted that banks resolved that most of the foreign exchange demands would now be granted to  develop the real sector.

Martins said that although the decision will be painful, it is a sacrifice Nigerians will have to go through, in the short term, to have a long term development of Nigeria and the economy.

The Managing Director of Access Bank, Herbert Nwigwe, explained that the banks have decided to channel such forex to the real sector because those demands tend to crowd out demands to import raw materials and to support industries.

Source: Sun[2]

- News 24

References

  1. ^ Naira weakens further as CBN stops forex sales to BDCs (www.news24.com.ng)
  2. ^ Sun (sunnewsonline.com)

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