FOREX FOR SCHOOL FEES NOT STOPPED

The Central Bank of Nigeria (CBN) has assured the public that it has not stopped allocating foreign exchange for the payment of school fees and medical bills abroad.
According to the CBN any insinuation to the contrary is not correct.
In a press release by the Director, Corporate Communications, Ibrahim Mu'azu, the CBN said it " has not stopped the allocation and sale of foreign exchange for purposes of paying school fees and settlement of medical bills overseas"
Thus, the statement added " all genuine users desiring to obtain foreign exchange for the above purposes are hereby urged to freely approach their banks with their requests and appropriate documentation".
It will be recalled that at a recent meeting of the CBN bankers committee the issue was discussed extensively but no consensus was reached.
However, the tone and words of some of the bank CEOs who briefed the press after the meeting did indicate that it was becoming desirous for allocation for school fees and medical bills abroad be stopped since it was now averaging 15% of total allocation of the banks.
The core of the argument in this direction was that scarce foreign exchange so saved can then be allocated to companies operating locally.
Henates and most other commentators saw this as being too short sighted because students of yore now send millions of dollars home yearly and also make Nigeria proud; some of today's students are undergoing courses that will shape the country's future and beside, the near consensus was lacking in problem analysis for effective decision.