Banks Have Adequate Forex For BTA, Tuition, Medical Fees – CBN




The Central Bank of Nigeria (CBN) yesterday disclosed that all banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees.
The apex bank also described as false claims by some Deposit Money Banks (DMBs) that the apex bank is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.
There had been grumblings by some Nigerians seeking to buy forex for BTA, PTA, medical and school fees that they are being frustrated by some banks who claim not to have enough forex to meet their demand for the green back.
In a press statement signed by the acting director of communication in the CBN, Mr. Isaac Okorafor the claim cannot be true. He said:”All banks have more than enough stock of forex in their possession for the purpose of meeting genuine customers’ demand for BTA, PTA, tuition and medical fees. Indeed, on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.”
“Members of the public seeking to buy forex for the above-mentioned purposes are, therefore, advised to go to their banks and obtain their forex. Any customer who is not attended to within 24 hours for BTA/PTA or 48 hours for tuition and medical fees should call 07002255226 or send an email to cpd@cbn.gov.ng, with the name and branch of the non-cooperating bank.
“Furthermore, no customer should accept to buy forex from any bank at more than the currently prescribed rate of N360/$1.”

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