CBN governor, Godwin Emefiele

By Muhaimin Olowoporoku

The Central Bank of Nigeria (CBN) has indefinitely extended its Naira 4-dollar scheme which was scheduled to end previously on Saturday, 8 May 2021.

The CBN made the disclosure in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public.

It was titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances.

The initiative by the CBN rewards recipients with N5 for every $1 they receive.

The Naira 4-dollar scheme was introduced a few months ago to encourage recipients of dollars to use formal banking channels and help the CBN capture such inflows to boost the liquidity of the forex market and ensure the stability of the Naira.

The CBN circular 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 08 May 2021, we hereby announce the continuation of the scheme until further notice.

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