CBN Extends Naira For Dollar Scheme Indefinitely
The Central Bank of Nigeria (CBN) has extended indefinitely the Naira 4-dollar policy for diaspora remittances in a bid to sustain the foreign exchange incentive scheme.
The Naira 4-dollar scheme which was introduced in early March 2021 means that for every US dollar (USD) Nigerians in diaspora sent to the country would attract a five naira bonus. The scheme was to elapse on May 8, 2021.
But the apex bank has further extended the scheme which was occasioned by the decline in foreign exchange as a result of fall in oil revenue majorly impacted by the outbreak of the COVID-19 pandemic.
The regulator disclosed this in a circular referenced TED/FEM/PUB/PPC/01/003 released on Wednesday and addressed to all deposit money banks, International Money Transfer Operators (IMTO), said it was continuing with the scheme until further notice
The circular reads, “Further to the CBN circular referenced TED/FEM/PUB/PPC/01/003 dated 5th 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 till further notice.”
The CBN added that nothing has changed in the scheme, noting that all aspect of its operationalisation remain in tact.
‘’All aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.’’
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