Home / Business and Economy / ‘There’s adequate Forex for PTA, BTA, tuition, medical fees,’ CBN insists; Releases phone line, email address for complaints
CBN Governor, Mr. Godwin Emefiele

‘There’s adequate Forex for PTA, BTA, tuition, medical fees,’ CBN insists; Releases phone line, email address for complaints

 

CBN Governor, Mr. Godwin Emefiele

The Central Bank of Nigeria, CBN, has described as “totally untrue” claims that there is insufficient foreign exchange in banks for customers who want such for PTA, BTA, tuition and medical fees, stressing 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.”

A statement by Isaac Okorafor, Ag. Director, Corporate Communications, CBN, insisted that “on a weekly basis, the CBN has been selling at least $80m to banks for onward sale to their customers for these invisible items.”

He also provided a telephone line and an email address that those who are not attended to within hours should send their complaints to, stressing that all banks must sell at the “CURRENTLY prescribed rate of N360/$1.”

Full text of the statement reads:

 

There is Adequate Forex for PTA, BTA, Tuition & Medical Fees

Information reaching the Central Bank of Nigeria (CBN) reveals that some customers seeking to buy forex for BTA, PTA, medical and school fees are being frustrated by some banks with the false claim that the CBN is not allocating enough forex to them for BTA, PTA, Tuition and Medical fees.

This claim is totally untrue. 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 [email protected], 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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