CBN removes exchange rates subsidy for overseas Nigerian students using form A
As part of its ongoing efforts to harmonise the country’s exchange rate, the Central Bank of Nigeria (CBN) has discontinued providing forex subsidies to Nigerian students studying overseas.
The apex bank made this known in a statement on Wednesday, saying that all segmentation is being eliminated and that all segments would now be collapsed under the Investors and Exporters I&E Windows.
“All segments are now collapsed into the Investors and Exporters (I&E) windows. Applications for medicals, school fees, BTA and PTA, and SMEs will continue to be processed through deposit money banks,” the statement partly read.
These operational changes mean that Nigerians schooling abroad, paying for their school fees via CBN rate FX will now have to pay the floated market rate.
Peoples Gazette had earlier reported that the CBN authorised commercial banks and dealers to sell foreign exchange freely at a rate set by the market, allowing banks to freely influence and determine the naira to dollar value.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
States
Jigawa police nab two Nigeriens, nine others over alleged cattle rustling
Mr Shiisu said that the arrest was part of the command’s sustained efforts to combat animal theft.
States
Makinde urges government, church to work together for better Nigeria
Mr Makinde said his administration’s focus has been on people-centred development.
States
Osun Poll: CSOs accuse Tinubu of using EFCC to intimidate Gov Adeleke
The governor accused EFCC of trampling on the state’s constitutional rights.
States
Osun govt account frozen due to suspicious transfers amid N11 billion probe: EFCC
Mr Adeleke accused EFCC of trampling on the state’s constitutional rights.
States
FUD expels 11 students, rusticates 23 for examination malpractice
According to the school, the 23 rusticated students would miss two academic semesters.
Lagos
Sanwo-Olu reaffirms commitment to religious harmony in Lagos
Mr Sanwo-Olu urged members of the church to remain steadfast in evangelism and compassionate service.
