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Nairaland Forum / Nairaland / General / Business / CBN Pegs Dollar Rate For School Fees, PTA At N375/$ (25586 Views)
Dollar Scarcity Looming As Naira Trades At N375 To A Dollar, Nigerians React / Naira Gains Against Dollar To N375/$ / CBN Pumps Fresh $80m To FX Market For School Fees, PTA (2) (3) (4)
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CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Islie: 10:41am On Feb 18, 2017 |
Moves to tighten noose against FX round tripping By Obinna Chima In line with its determination to boost dollar supply in the economy as well as to bridge the wide gap between the interbank foreign exchange (FX) market and the parallel market, the Central Bank of Nigeria (CBN) yesterday pegged the Naira exchange rate for payment of school fees (strictly universities) abroad and Personal Travel Allowance (PTA) at N375 to the dollar. The central bank disclosed this in a closed-door meeting it held with all chief executive officers of commercial banks as well as other authorised FX dealers in attendance. The meeting took place in Lagos. A source who was at the meeting said the new rate for school fees and PTA would become effective from Monday. According to the source, the CBN Governor, Mr. Godwin Emefiele who chaired the meeting, assured that the central bank would provide enough dollars to meet all FX demands for these invisible items. “For tuition fees, the CBN said it would only cater for those in the universities and the persons involved can only get $15,000 per term and the FX would be wired directly to the school abroad. We (the banks) were all told to ensure compliance and that heavy sanction awaits any authorised FX dealer that flouts this rule,” the source added. THISDAY also gathered that applicants for FX for tuition fees must have tax clearance certificates and Bank Verification Number. The move, according to another source is to drastically reduce FX round-tripping which appears to be one of the factors responsible to the wide gap between the interbank FX market and the parallel market. On the other hand, for PTA, the source said: “People are entitled to PTA only if their flight(s) is not less than five hours and they are only entitled to $4,000 per quarter. “The CBN has also undertaken to provide enough dollar liquidity to see these through.” Emefiele had while making a presentation to members of the National Executive Council (NEC) on Thursday appealed for patience, saying that the CBN was working on halting the widening gap between the interbank FX market and the parallel market. The NEC members had generally expressed concern over the current situation of the exchange rate and called for an urgent review of the current forex policy, especially the gap between interbank and the parallel market rates. But Emefiele sued for patience and understanding, assuring that the situation was being closely managed. Meanwhile, the Naira maintained its value of N516 to the dollar on the parallel market yesterday. https://www.thisdaylive.com/index.php/2017/02/18/cbn-pegs-dollar-rate-for-school-fees-pta-at-n375/ |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by blackboy(m): 10:48am On Feb 18, 2017 |
Interesting. The banka should alert their customers on this new development not only on debit and credit transactions or come collect your atm 19 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Adesiji77: 11:43am On Feb 18, 2017 |
Another exchange rate is here. How long will CBN continue with its knee-jerk reactions? 43 Likes 3 Shares |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by veekid(m): 12:54pm On Feb 18, 2017 |
Buhari sef 6 Likes 1 Share |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Nobody: 12:54pm On Feb 18, 2017 |
Clueless president Absolutely clueless CBN Governor and baby Finance Minister I pray we get out of recession in 2017 20 Likes 2 Shares |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by BUHARIISCURSED(m): 12:55pm On Feb 18, 2017 |
MAI CHANJI 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by signature2012(m): 12:55pm On Feb 18, 2017 |
Multiple exchange rate... 3 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by willian10: 12:55pm On Feb 18, 2017 |
Why not official CBN rate @315 Kindly check my profile if u have iTunes giftcard for sale 12 Likes 2 Shares
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Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by AntiWailer: 12:55pm On Feb 18, 2017 |
Good move for those schooling abroad. |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by mployer(m): 12:56pm On Feb 18, 2017 |
Dumb CBN 4 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by chukzyfcbb: 12:56pm On Feb 18, 2017 |
bureau de change sells dollars at that same rate. does this mean that CBN is now competiting with bdc for the same buyer? coz this move may make bdc owners to increase the rate at which they sell 5 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by celestialAgent(m): 12:56pm On Feb 18, 2017 |
CBN GOVERNOR is just so dominated by ignorance. You give banks the mandate to sell to BDC operators at 385 and to sell at 375 for tuition purpose, who d hell do you think those selfish banks would want to sell to? Even when it was 199 (God bless Gej for this rate), those selfish banks would make make you que like forever before they could honour your form A transaction, how much more now. Balderdash. 32 Likes 3 Shares |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by 2rucool(m): 12:57pm On Feb 18, 2017 |
I will like to know more about this PTA thin o 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by jmoore(m): 12:57pm On Feb 18, 2017 |
Na wa. No level playing ground? The cabals are sucking Nigerians dry. 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Vickiweezy(m): 12:58pm On Feb 18, 2017 |
Like play like play this dollar go reach #1000. From #216 e enta #300 dem say Baba just start work, Na so e pass #300 dem say e no fit reach #400, E enta #400 dem say e no fit reach #500, Now e don pass #500... Ok 26 Likes 2 Shares
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Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Cmoyor: 12:59pm On Feb 18, 2017 |
can someone pls explain in clear terms d tax clearance stuff for dose schooling abroad? |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Swizdoe(m): 1:00pm On Feb 18, 2017 |
Confused bunch 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by erico2k2(m): 1:02pm On Feb 18, 2017 |
Lubish The British Pounds just went N625 today 6 Likes 1 Share |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by registration(m): 1:05pm On Feb 18, 2017 |
Everything is just sickening 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by sosy25: 1:05pm On Feb 18, 2017 |
My beloved naija people, make we stop to dey depend on CBN for US Dollars. CBN no fit provide US Dollars for all our obligations and bills abroad. Make we hussle the US Dollars wey we need make we leave CBN alone. Visit the link on my signature or call me make we yarn. E no get as you no go make at least enough US Dollars to meet your needs. 2 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by UncleJudax(m): 1:06pm On Feb 18, 2017 |
another indirect/partial devaluation. at least thats what it looks like. they want to close the gap with parallel market. 2 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Nobody: 1:06pm On Feb 18, 2017 |
If its true, Thank God 2 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by wristbangle: 1:11pm On Feb 18, 2017 |
Still doesn't make sense 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Thisis2raw(m): 1:14pm On Feb 18, 2017 |
Finally one good news from The government 2 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by dogstyle007(m): 1:15pm On Feb 18, 2017 |
Hmmmmm |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Nobody: 1:15pm On Feb 18, 2017 |
Lalasticlala ohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh - better than buying from black market - submit all your documents, marriage certificate, passport, yellow card, admission letters, WAEC/GCE/NECO others, scratch cards & pin etc - fund your account - get tally sorry telex number and scream Jonathanohhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh Amazing decision 1 Like |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by mykelmeezy: 1:26pm On Feb 18, 2017 |
this is the best news ive seen from this useless government but will form A go... will there still tax $100 on every thousand sent will the banks provide on time? 2 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by mildflame: 1:26pm On Feb 18, 2017 |
And to think I voted for these BUNCH of Imbeciles( PMB to Emiefele)...this government is 4ver USELESS 4 Likes |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by aloziedaya(m): 1:27pm On Feb 18, 2017 |
Please the government should do something urgently with the CBN. I don't see Emefiele being able to tackle this mess with the for ex. He should be replaced if possible. This is getting out of hand. Moreover, no banks are giving PTA again to Nigerians except to the wealthy class. Exchange rate needs harmony. 1 Like 1 Share |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by Iko5000: 1:29pm On Feb 18, 2017 |
Are you for real . Who do you really think will get money at this rate, also what's stopping anyone to get at that rate and sell it at black market rate. oh you will say its going to the school directly , but wait oh i can make some business with a mushroom school abroad to defraud the Govt too . Thisis2raw: 6 Likes 1 Share |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by mildflame: 1:30pm On Feb 18, 2017 |
Thisis2raw: What is good about it? This tells how bereft, myopic and hopeless they are Policies somersaults left, right, front and backward very useless 7 Likes 1 Share |
Re: CBN Pegs Dollar Rate For School Fees, PTA At N375/$ by mykelmeezy: 1:30pm On Feb 18, 2017 |
Cmoyor: bros its not a good thing oo you have to apply for dollars weeks in advance untop that they charge heavily form A isnt going the government really affected we students here 5 Likes 1 Share |
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