CBN extends naira-4-dollar scheme deadline indefinitely

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The Central Bank of Nigeria has extended its “Naira 4 dollar scheme” earlier scheduled to end on May 8, 2021 indefinitely.

It disclosed this in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances ‘ on Thursday.

The circular which was signed by A.S Jibrin for the director, trade & exchange department 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.

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

In March, as part of its reforms to boost 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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