CBN Clarifies – Forex is Still Allowed for School Fees & Medical Bills

CBN_School Fees_Forex_Feb_2016Although it appeared the Central Bank of Nigeria had stopped allocating Forex for school fees and medical bills – see the story here, the CBN has clarified that the allocation never stopped.

However, according to a Punch Newspaper report, scarcity of foreign exchange still remains and hits parents hard – click here for the story.

Here’s the circular from CBN, released on Friday February 19, 2016.

11 Comments on CBN Clarifies – Forex is Still Allowed for School Fees & Medical Bills
  • somebody February 22, 2016 at 12:53 pm


  • Olu February 22, 2016 at 1:24 pm

    Even if it is still allowed, are the banks selling at official rates??
    No be naija, the govt says 1 but the people still do their own thing to make money. The bank officials sell the $$ (meant for medical and tution) to the bureau de change at black are prices.Until there is no more black market, thing will not change. Nigeria is the only country with black market to my knowledge.
    We keep blaming the govt but at times, we are our own problem.

    • Tgirl February 22, 2016 at 7:31 pm

      Olu you are so right! Banks are not selling it at official rate they are selling it at black market rate… My mum sent me 200k sometime last week and I could only get 570$ and she sent it directly from the bank. Banks are selling it at black market rate..form A is only for school fee.. Otan

  • lafayettebunny February 22, 2016 at 1:58 pm

    Finally BN reports the fact. I knew the earlier information was not right has there was no CBN circular to back it up.
    Please let’s not just lift information because it is making rounds online.
    Now crying parents and kids,please let’s go fill the Form A and hopefully get the $ bids from CBN in. Hopefully things get better.
    Meanwhile, I hope these international students are putting their all into the education. Damn, it’s too pricey to get it wrong.

  • Mr. Egghead February 22, 2016 at 6:47 pm

    I don’t see why the CBN permits forex use for uneconomic activities such as foreign education yet they prevent business men from accessing dollars to boost the economy. Misplaced priorities

  • Asake February 22, 2016 at 8:09 pm

    I watched it on Channels TV. Bankers’ committee via Herbert Wigwe suggested sales of Forex for tution and medical treatment might stop soon, he quoted how much is spent monthly.
    He even said we should develop our tetiary institutions….

  • tumz February 23, 2016 at 1:44 am

    i agree with you ..banks are charging at black market rates.Dont we have a regulatory body to report these banks to,its rather frustrating.I used my Nigerian card for an uber ride and i realized i was debited way above the bank official rate.

  • Jamce February 23, 2016 at 1:56 am

    We always get things warped up by our governments and citizens. The Federal or State government has not business providing any foreign exchange for private studies by individuals outside Nigeria, any form of pilgrimage or business or personal travel. This window of national profligacy is what is making most Nigerians engage in conspicuous consumption of all manner of imports and frivolous travels subsidised by the national treasury. So, rather than use the foreign exchange to develop our institutions and medical services, we pay them to foreigners to develop theirs and charge us exorbitantly for attending their schools and hospitals. What a wise and prudent nation.

  • ElessarisElendil February 23, 2016 at 2:46 am


  • Mike March 9, 2016 at 11:30 pm

    We need to understand what form A is available for though. The CBN circular said for school fees and medicals meaning any other request from your bank might not guarantee an official rate. It is a painful and necessary evil we must harbor at this time as our foreign reserve is depleting without a propositional addition we need to only isolate and provide for most essential needs at this time. But I am really scared for my brothers and sisters in school abroad. It’s painful but let’s be strong we are Nigerians we will go pass this! We always do. Long live the Federal Republic of Nigeria.

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