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CBN extends ‘Naira 4 Dollar Scheme’ indefinitely as FX scarcity bites harder




The Central Bank of Nigeria (CBN) announced 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.”

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.” previously reported that the CBN Governor, Godwin Emefiele, had announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.

Emefiele explained that the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, saying that the N5 for every $1 fund remitted to Nigeria initiative would begin today, Monday, March 8.

The CBN governor noted that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.

According to him, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the central bank.”

The central bank, in another development, on Sunday also noted that the policy would reduce cost and round tripping, The statement titled ‘New policy on remittance inflow to reduce cost, check round-tripping.

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As regards the policy, Deposit Money Banks got in touch with their customers telling them that N5 would be given for every dollar received by the customers.

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