HOUSE OF Representatives on Tuesday resolved to probe the the alleged exploitation of parents by American International School, Abuja. The resolution followed a motion sponsored by 14 lawmakers led by Hon. Emmanuel Kehinde Agboola on the floor of the House. Leading the debate, Agboola said the Central Bank of Nigeria had, in a bid to reform the currency regulations, issued a circular no. BSD/D1/ GEN/LAB/08/013 dated April 17, 2015 and titled “Currency Substitution and Dollarization of the Nigerian Economy”, pursuant to Sections 15, 20(1) and (5) of the CBN Act by which it made it illegal to price or denominate the cost of any product or service (visible or invisible) in any foreign currency in Nigeria other than the Naira. He observed that the American International School, Abuja, AISA  was charging school fees in United States Dollars and some other international schools in Nigeria were also collecting school fees in foreign currencies, contrary to the CBN policy on the currency for transaction of business in Nigeria. The lawmaker noted that even when the AISA is inclined to collect the fees in Naira, it disregards the extant financial regulations and could accept the Naira only on the parallel market rate and on the prevailing rate for the day. Agboola lamented that 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, depending on the rate in the black market, and at 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 stressed that insistence on collecting fees on the prevailing black market rate amounts to a malicious rip off that the AISA and other International Schools had been perpetrating on hapless Nigerians.

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