CBN Yet To Stop Forex For Medicals, School Fees

  • Posted on: 14 February 2016
  • By: editor

A Senior officer at the Central Bank of Nigeria (CBN) has authoritatively denied news reports suggesting that the bank gave approval for an end to forex sales for foreign medicals and school fees.

The officer, who spoke exclusively to THEWILL, disclosed that the issue was raised by the Deposit Money Banks (DMBs) at the Bankers’ Committee meeting, in Abuja on Thursday.

He revealed that the banks pushed for the removal of the items but their argument was not convincing enough to get the approval from the CBN.

“Yes, we discussed and deliberated on it. The banks wanted school fees and medicals removed because they said it accounted for a huge chunk of their forex and wanted it removed. It was deliberated extensively but the CBN wasn’t convinced,” he said.

“However, we did not reach a conclusion. We decided that the discussion should continue and moved to other matters. That did not mean that we gave the go ahead.

“The banks wanted it, but we are studying the situation to analyse the economic effects. You know that at this stage a simple policy mistake can rubbish all the hard work we are doing over the naira.

“An agreement was not reached and the matter was referred for more deliberation. The fact is that CBN has not issued a directive to that effect.

“It is the handwork of speculators so that people can quickly move forex out of fear and all that. CBN will continue to provide forex for medicals and school fees until a decision is made.”

The source castigated news reports claiming that the apex bank had decided to stop sales of forex for the two items, adding that the CBN would issue a statement to that effect.

“I’m surprised at the news flying all over that we have stopped it.”