Lagos Preparatory School, a private coeducational day school in the affluent Ikoyi area, is making news today due to the fact that they have refused to revert their school fees to Naira and still went on to charge in Dollars, after the Central Bank of Nigeria banned businesses based in Nigeria from doing so.
Parents are finding this ridiculous given the the current exchange rate of 318 Naira to a dollar, meaning the school fees has more than doubled since the last time. Parents are now expected to pay one million Naira a term.
Some angry parents have also voiced out the illegality of this operations and some are in the process of bringing litigations against the school, while others have withdrawn their kids in protest. A concerned parent found this to be an act of economic sabotage especially with the new “Change Mantra” by the Buhari administration, as certain institutions must understand that it cannot be business as usual, must conform with the laws of the country, that Dollars must not collected for any local transaction.
On Investigation, we found out that 90% of the workforce of the school were paid in Naira and as such there could be no tenable reason for this demand, which is rather unpatriotic, as no school in the UK or the United States would accept the Nigerian Naira from a Nigerian student.