CBN extends “Naira 4 dollar” scheme indefinitely

CBN extends “Naira 4 dollar” scheme indefinitely

The Central Bank of Nigeria on Thursday announced an indefinite extension of its “Naira 4 dollar scheme”, hitherto scheduled to end on May 8.

The apex bank made the disclosure in a circular signed by A.S Jibrin of the Trade and Exchange Department and addressed to all Deposit Money Banks, International Money Transfer Operators and the public titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances ‘ on Thursday.

The document read: “Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice.

“All aspects of the operationalisation of the programme remain the same. Please take note and ensure compliance.”

In March, as part of its strategic actions meant to stimulate the inflow of foreign currency in the country, the CBN introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy.

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