Business
Senator Faults Use Of Forex For School Fees
A Nigerian Senator, Yusuf Yusuf, has described as unacceptable the use of foreign currency for the payment of tuition fees in Nigerian schools.
Yusuf, who is Vice Chairman, Senate Committee on Science and Technology, said this in an interview with newsmen in Abuja, last week.
According to the lawmaker, it is wrong for any institution of learning in the country to demand tuition fee in foreign currency.
“There is no support whatsoever for a school to demand any form of payment in Nigeria using foreign exchange.
“For me that is an aberration and it shouldn’t be allowed in any way.
“Cost your things in Naira and you will be paid in Naira; why would someone insist that he or she should be paid in dollars? Where would they get the dollars from?
“ I do not think it is right. I do not think it is fair and we should go all out to stop this kind of practice,’’ he said.
The senator said that a bill was already in place in the Senate to amend the Central Bank of Nigeria (CBN) Act in that regard.
He urged the apex bank to closely monitor businesses in the country against using foreign currencies for local transactions.
The lawmaker further noted that some individuals and companies in the country were equally guilty of the practice.
“There are also claims that NNPC, that is government owned, pays pension and other forms of welfare packages in dollar. Do they have the right to do that?
“The only body that has the right in terms of disbursement of foreign exchange in this country today is the CBN,’’ he said.
On the recent appreciation of the Naira against other foreign currencies, Yusuf said that every bank branch must have foreign exchange window for selling forex to small buyers.
“There are some big time buyers of foreign exchange that are paying lower than what small holdings are paying, so, the market is lopsided,’’ he said.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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