Nigerians studying abroad are permitted to
make payments to their institutions at the
official and interbank exchange rates, according
to the Central Bank of Nigeria (CBN).
The students belong to the category referred to
by the apex bank as “invisibles” who are
exempted from the recent CBN order against
cash deposit of foreign currencies in domiciliary
accounts.

The apex bank, in a statement on Sunday,
declared:

“The Central Bank of Nigeria (CBN) wishes to
inform the general public that all legitimate
requests for foreign currency for eligible
transactions, normally referred to as
“invisibles”, such as remittances for school fees,
student maintenance allowances, Business
Travel Allowance (BTA), Personal Travel
Allowance (PTA), medical and other eligible
transactions, shall be fully met at the official/
interbank exchange rate.

“Already, all the legitimate demands for such
transactions through recognized channels have
so far been fully met by CBN.
“The CBN hereby directs all authorized dealers
in foreign exchange in Nigeria to henceforth
treat as top priority all legitimate demand for
foreign exchange for eligible transactions.

“The CBN once again advises individuals that
wish to source foreign currency for such eligible
transactions to approach their banks with their
legitimate demand as the CBN has made
adequate provisions of foreign currency for all
such legitimate and eligible purposes.

“Furthermore, holders of naira denominated
debit and credit cards shall continue to have
access to the use of their cards at POS
machines in any part of the world but subject
to the annual limit of $US 50,000. ATM
withdrawals (cash) shall continue to be a
maximum of $300 per day.

“The general public is hereby advised to channel
any complaints arising from any authorized
dealer’s refusal to process such legitimate
demand to the Director, Consumer Protection
Department, Central Bank of Nigeria, for
necessary action. “

Source:dailytimes.com.ng/students-will-get-forex-official-rates-says-cbn

Nice one

Good

So why the complains... . If they have legitimate business

K

What is the procedure

Wonderful if not many of their kids would have been withdrawn to babcock or madonna uni

Good one.

Ok