FX scarcity: CBN extends ‘Naira 4 Dollar Scheme’ indefinitely

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FX scarcity: CBN extends ‘Naira 4 Dollar Scheme’ indefinitely

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FX scarcity: CBN extends ‘Naira 4 Dollar Scheme’ indefinitely by : 8:20 am On May 7, 2021

The Central Bank of Nigeria (CBN) disclosed that it has extended its Naira-4-Dollar  scheme until further notice.

The CBN disclosed this in a circular titled: “Re: Introduction of the CBN’s “Naira 4 Dollar Scheme” for Diaspora Remittances.”

Central Bank of Nigeria
Central Bank of Nigeria

The circular, signed by Director, Trade and Exchange Department, CBN, Saleh Jibrin, stated: “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 May 8, 2021, we hereby announce the continuation of the scheme until further notice.”

Naijtech previously reported that central bank had introduced the  Naira-4-Dollar  scheme in an effort to sustain the encouraging increase in inflows of diaspora remittances into the country through the International Money Transfer Operators, IMTOs.

According to the banking regulator, “CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary.

“In effect, a typical recipient of diaspora remittances,  will, at the point of collection, receive not only the dollar sent from abroad but also the additional   N5 per dollar received.”

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