‘Naira4Dollar Scheme’ extended Indefinitely — CBN

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Factual Pursuit of Truth for Progress

The recently introduced “Naira4Dollar scheme” has been extended by the Central Bank of Nigeria (CBN) until further notice.

The apex bank made this known in a circular to deposit money banks (DMBs) and international money transfer operators (IMTOs) on its website on Thursday.

The circular, signed by A. S. Jibrin, for the Director of Trade and Exchange at CBN, stated that operations of the scheme remain the same.

The circular reads in part: “Further to 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 May 8, 2021, we hereby announce the continuation of the scheme until further notice.

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

The naira for dollar scheme was introduced on March 6, 2021 as an incentive to boost diaspora remittances inflows into the country and bolster the nation’s external reserves.

CBN Governor, Mr. Godwin Emefiele, said that the scheme was also aimed at increasing the transparency of remittance inflows and reducing rentseeking activities, adding that he was optimistic that the move will encourage banks and financial institutions to develop products and investments vehicles geared towards attracting investments from Nigerians in the Diaspora.

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