CBN BANS THE USE OF DOLLARS FOR OVERSEAS SCHOOL FEES, MEDICAL BILLS

The use of dollars for overseas school fees and medical tourism has now been prohibited by the Nigeria ape bank, CBN, according to an assertion made on Channels TV by the Head of Business news, Boason Omofaye.

Nigerians going abroad for education or health care purposes will have to get the foreign currency from the parallel market to carry out their payments.
 Reason behind the new development could not be ascertained but it may be because of the weakening state naira against the dollar on the parallel market.

The colloquium, facilitated by The Cable, an online newspaper, took place at the civic centre, Lagos; titled “Naira On Trial: To devaluate or Not?” had business tycoons, professionals, analysts, among others in attendance where speakers shared their views on the topic paying attention to pros and cons of devaluating Nigeria currency.