CBN Mandates Banks On PTAs, School Fees

CBN Mandates Banks On PTAs, School FeesThe Central Bank of Nigeria (CBN) has mandated all commercial banks in the country to immediately open a teller point for retail foreign exchange (FX) transactions in all locations.

The directive was contained in a memo issued to the banks by the CBN Director of Financial Markets Department, Dr. Alvan Ikoku.

The directive, according to the apex bank was to further increase FX availability to all end-users and ensure that a fair and verifiable exchange rate operates in the market.

The commercial banks were also mandated to have an electronic display board in all their branches showing rates of all trading currencies, while customers must insist on processing FX transactions based on the displayed rates.

The CBN noted further that henceforth, banks must process and meet the demand for travel allowances (PTA/BTA) by end-users within 24 hours of such application, as long as the end-users meet basic requirements already outlined in earlier directives.

For school fees and medical bills, the banks have 48 hours to meet customers’ demands.

The apex bank said non-compliance by any bank would attract sanctions, which may include but not limited to being barred from all future CBN foreign exchange interventions.

Alvan Ikoku University Status: Imo House Appeal For Reversal

alvan ikokuReactions have continued to trail the reversal of the University status given to the Alvan Ikoku College of Education Owerri by the Federal Government.

During a plenary session of the Imo State House of Assembly, the members appealed to the federal government not to shortchange the school’s university statusĀ  by the immediate past government of former President Goodluck Ebele Jonathan knowing well that the institution has all it takes to be a university.

Speaking on a motion moved by a member representing Ikeduru State Constituency and Chairman House Committee on Education, Hon. Uche Oguwuike, the motion rejected the move by the Federal Government to reverse the status of the University of Education to a College of Education.

The motion which was supported by majority of the State Lawmakers also mandated the Imo state Governor Rochas Okorocha to lead a high powered delegation to interface with President Muhammadu Buhari-led government and the Federal Ministry of Education to see how this issue can be resolved as soon as possible and ensure that the school maintains its university status.