CBN denies stopping forex allocations to school fees, medical bills

The Central Bank of Nigeria said Friday it had not stopped the allocation and sale of Foreign Exchange for purposes of paying school fees and settlement of medical bills overseas.

The apex bank which was clarifying media reports indicating such stoppage, said through its director, Corporate Communications, Ibrahim Muázu, that the reports were baseless.

“The bank therefore urges members of the public to disregard any contrary information in respect thereof,”  Mu'azu, said.

In a statement issued in Abuja, the CBN spokesman said that 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.

“The bank urges members of the public to discountenance such misinformation. 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,” Mu'azu said.