Naira and Dollar

The Central Bank of Nigeria has announced indefinite extension of its Naira 4 Dollar Scheme.

The bank announced this Wednesday through a memo issued to all deposit money banks, International Money Transfer Operators (IMTO), and the general public.

“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 till further notice,” the memo said.

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

To increase the inflows of diaspora remittances into the country, the bank had in March launched the scheme that pays naira to senders and recipients of international money transfers.

In a circular issued to all Deposit Money Banks (DMO) and IMTOs, the scheme which started March 8 will end on May 8.

Since the crash of oil price last year amid COVID-19 pandemic, the Naira has struggled against the Dollar as the country has witnessed reduced foreign exchange.

Presently, the Naira exchanges for N485 to the dollar in the parallel market.

The CBN scheme rewards both senders and recipients of international money transfers