Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


CBN directs banks to prioritise demand for school fees

10 August 2015, 17:31

Abuja - The The Central Bank of Nigeria (CBN) has authorised foreign exchange dealers to give priority to customers seeking foreign currency for payment of school fees and personal allowances for overseas travels.

The apex bank said this in a statement by the Director, Corporate Communications Department, Alhaji Muazu Ibrahim, on Sunday in Abuja.

The bank assured forex users that it would continue to meet their demand so long such demands were for legitimate purposes.

Also read: CBN governor summoned to explain naira weakness

"All legitimate requests for foreign currency for eligible transactions such as remittances for school fees, Business Travel Allowance, medical and other eligible transactions shall be fully met at the official exchange rate.

"Already, all the legitimate demand for such transactions through recognised 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," it said.

It stated also that 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.

It stated that the amount was subject to an annual limit of 50,000 dollars, noting that ATM withdrawals would continue to be at a maximum of 300 dollars per day.


Tags cbn nigeria

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...