Naira slumps, dying as CBN bans Dollars for Foreign School Fees and Medicals

According to reports, the Central Bank of Nigeria has placed Overseas School fees and Medical Tourism on its Foreign Exchange Prohibitive list.

Nigerians who intend to travel abroad for studies will thus have to source Foreign Currency from the from the parallel market.

The Naira has reportedly being impacted by the decision of the Central Bank of Nigeria as the Naira falls immediately to N325 to 1 US Dollar and N450 to 1 GBP. 

The apex bank may have directed financial institutions to immediately begin publishing Returns on Utilization of Foreign Currency purchased from the Central Bank as several newspapers were seen showing the details of FOREX transaction from various Nigerian Banks

President Buhari remains headstrong in his resolve to resist Naira devaluation despite calls by leading economists within and outside the country

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