CBN Extends Naira-4-Dollar Deadline To Boost Remittances

The Central Bank of Nigeria has extended indefinitely its ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021.

It disclosed this in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public, titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances’.

In March, as part of its reforms to boost the inflow of foreign currency in the country, the CBN introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy.

Deposit Money Banks had continued to woo customers with the CBN’s policy to boost remittances since it was introduced.

A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said it would encourage people to patronise government licensed money transfer operators.

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