The Central Bank of Nigeria (CBN) has reintroduced the “NAIRA 4 DOLLAR SCHEME” in order to increase diaspora remittances flow into the country and to boost forex supply.
Disclosing this in a circular by the apex bank titled, ‘RE: INTRODUCTION OF THE CBN’’S “NAIRA 4 DOLLAR SCHEME” FOR DIASPORA REMITTANCES’.
CBN addressed All Deposit Money Banks, International Money Transfer Operators (IMTOS) And General Public, stating that the scheme which was originally scheduled to end on 8 May 2021, will continue until further notice.
It also stated that, “All aspects of the operationalization of the programme remain the same.”
Recall that the Central Bank of Nigeria (CBN) introduced a ‘Naira-4-Dollar’ scheme on the 8th of March, 2021 in a bid to sustain the increase in Diaspora remittances into the country.
The scheme, which took effect from March 8, 2021 and to end on May 8, 2021, offers recipients of Diaspora remittances N5 for every $1 received as remittance inflow through licensed International Money Transfer Operators (IMTOs).
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