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
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
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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