The Banking Committee in Nigeria have threatened to withdraw from funding the payment of school fees abroad, Thisday reports.
The Central Bank have pledge to stick with 11% for Monetary Policy Rates (rates at which it lends money to banks), Cash reserve requirement (CRR) at 20% (amount of deposits banks cannot lend out) and liquidity ratio of 30%, and above all still peg the naira at 197-199/$ while the parallel market is trading at 345/$ as of the time of writing.
Thisday also noted that, the Group Managing Director, Access Bank Plc, Mr. Herbert Wigwe stated that the lack of access to forex due to the apex Banks’ policies has made it difficult to keep up with the demand of the obligation of schools abroad which has now spurred the Banking committee to come to a round table and discuss the way forward.
“Why can’t we revisit our educational system and make sure our children go to school locally? Why must we spend a lot of money around children school fees overseas or medical tourism as they call it.”
“Now the idea is not that you can’t do it, it is that you can’t access it from the central bank’s limited resources, that’s the simple point. So we didn’t reach any formal conclusion but it’s part of the general direction which we are headed.”
With the the growing pressure from Western media outlets, businessmen, investors e.t.c, and now the banking family one can only ask how long the Presidency and the Central Bank can hold on?