The Central Bank of Nigeria on Sunday directed all authorised dealers in the foreign exchange to give priority to customers seeking foreign currency for the payment of school fees, students maintenance allowances as well as other business and personal allowances for overseas travels.
The apex bank said this in a statement by the Director, Corporate Communications Department, Alh Muazu Ibrahim.
The bank, in the statement, assured forex users that it would continue to meet their demands so long such demands were for legitimate purposes.
The statement reads in part, “The CBN wishes to inform the general public that all legitimate requests for foreign currency for eligible transactions such as remittances for school fees, student maintenance allowances, Basic Travel Allowance, medical and other eligible transactions shall be fully met at the official/interbank exchange rate.
“Already, all the legitimate demand for such transactions through recognized channels have so far been fully met by the CBN.
“The CBN hereby directs all authorised dealers in foreign exchange in Nigeria to henceforth treat as top priority all legitimate demand for foreign exchange for eligible transactions.”
The bank advised individuals that wished to source foreign currency for such eligible transactions to approach their banks with their legitimate demands as the apex bank had made adequate provisions for all such purposes.
The statement said holders of Naira denominated debit and credit cards would continue to have access to the use of their cards at Automated Teller Machines in any part of the world.
This, it however, added, would be subject to the annual limit of $50,000, noting that ATM withdrawals would continue to be at a maximum of $300 per day.
