Forex cbn sales 221 37m to 16 banks for bta school fees others

It appears that the Central Bank of Nigeria (CBN) has sold a total of $221.37 million to 16 banks for the purpose of school fees for students in the country.

Here's a breakdown of the information:

It's likely that the CBN sold this amount of foreign exchange to the 16 banks at the official exchange rate, which is usually lower than the market rate. The banks will then use this foreign exchange to pay for school fees on behalf of their customers who need to make international payments for education-related expenses.

It's worth noting that the CBN has been intervening in the foreign exchange market to ensure stability and maintain a stable exchange rate. The sale of foreign exchange to banks for specific purposes, such as school fees, is one way the CBN achieves this goal.