In response to recent wild rumors, the CBN has stated that education and medical tourism were not on the list of 41 items barred from accessing foreign exchange allocation in Nigeria.
It was earlier believed that the apex bank increased the list of items affected by the foreign exchange restriction policy from the initial 41 items to 43 with the inclusion of the two items.
Things got escalated after the Bankers Committee, after its meeting on Thursday, expressed worry over increasing pressures the demand for foreign exchange for school fees and medical treatments abroad have brought on allocation to the real sector and productive activities.
However Director, Corporate Communications Department of the CBN, Ibrahim Mua’zu, denied that the bank included education and medical tourism among the list of items restricted from accessing foreign exchange.
Mr. Mua’zu clarified that the Bankers’ Committee, during its meeting on Thursday, only decided to prioritize the allocation of foreign exchange to the importation of critical raw materials, plants and machinery for the real sector of the economy.
“What this means is that those sourcing for foreign exchange to pay for school fees of their children abroad and medical bills in foreign hospitals cannot get it from the Central Bank.
“Allocation of foreign exchange for such items is henceforth left at the discretion and ability of the banks. How that is done at whatever rate is not the CBN’s headache,” the CBN spokesman said.
