Connect with us

Finance

CBN disburses $80m weekly for school fees, BTAs

Published

on

Nairawatch

The Central Bank of Nigeria (CBN) has claimed that at least $80m were disbursed to banks on a weekly basis to enable Nigerians meet their forex responsibilities.

CBN Governor, Godwin Emefiele, who made this claim on Tuesday, March 23, in Abuja urged Nigerians not to panic, saying there is enough forex for business owners, travellers and parents with students abroad to meet their obligations.

Emefiele said, “Part of the measures that we have adopted is that on a weekly basis, the CBN disburses not less than $80m to the banks either for Personal Travel Allowances or payment of school fees.

“We have created a complaint desk where you can call us or call some of our people who will respond. It is like call centres, where people can call that they went to a particular bank and they didn’t get money to pay school fees or they didn’t get money to travel.”

Emefiele, however, charged Nigerians to report any bank withholding forex to a special call centre of the apex bank, saying the country has not changed from its foreign exchange management policies.

According to him, “Nigeria has not changed from its foreign exchange management policies. Nigeria still remains on a managed float.

“hat does a managed float regime mean? That the Central Bank, which has a core mandate for foreign exchange management in the country, will run the market, see to how the market operates depending on its readings.

“It might interest us to know that since January, the CBN has not intervened in the I&E window. The market has always operated within a band of around N409 and at some point it attained N412, N413 and it began to move and that is the way it is supposed to go.

Emefiele also commenting on the statement credited to the minister of finance that the country had moved into a flexible exchange rate said that it was not true.

ALSO READ  Pendulum swings in favour of risk as Trump leaves hospital

 

Advertisement
1 Comment

1 Comment

  1. Pingback: CBN disburses $80m weekly for school fees, BTAs - 9jaheadies

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

Facebook