House of Rep. against schools collecting fees in foreign currency



Rep. Emmanuel Agboola, said that this was in pursuant to Sections 15, 20(1) and (5) of the CBN Act, which made it illegal to price or denominate the cost of any product or service in any foreign currency in Nigeria other than the Naira.

He added that some other international schools in Nigeria were also collecting fees in foreign currencies, contrary to the government policy.

He explained that AISA disregarded the extant financial regulations even when it was inclined to collect the fees in Naira and could accept the currency only at parallel market rate.

According to the lawmaker, the use of the parallel market rate to determine the amount of fees to be collected in Naira entails that parents pay school fees at different rates.

“This depends on the rate in the black market and as such, parents of children in the same class end up paying different fees for their wards, depending on the day the payment was made,” he said.

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