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Naira 4 Dollar: Central Bank of Nigeria extends scheme until further notice

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Godwin Emefiele
Godwin Emefiele, CBN Governor

By Chrystal NK Chukwudebe

THUR 06 MAY, 2021-theGBJournal- The Central Bank of Nigeria (CBN) said Wednesday that it is extending the Naira 4 Dollar Scheme for Diaspora remittances, a policy it introduced in March, 2021, as an incentive for senders and recipients of International Money Transfers.

The Scheme took effect from Monday March 8, 2021 and ought to have ended Saturday 8 May, 2021. The CBN said ‘’all aspect of the operationalization of the programme remain the same,’’ as it announced the indefinite extension.

The Scheme entails that all recipients of Diaspora remittances through the Central Bank licensed International Money Transfer Operators (IMTOs) shall be paid N5 for every USD 1 received as remittance inflow.

The incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.

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