By Chioma Obinagwam
Nigeria’s central monetary authority, the Central Bank of Nigeria (CBN) has made an indefinite extention of its ‘Naira 4 dollar scheme’ earlier scheduled to end on May 8, 2021.
Confiance News gathered from a statement issued by the bank on its website on Thursday.
“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.”
Read also: Why CBN introduced ‘Naira 4 Dollar Scheme’?
The aim is to bolster foreign exchange inflows through increased diaspora remittances.
Confiance News recalls that in March, the monetary authority introduced Naira4dollar scheme where incentives of N5 was given for every $1 of fund remitted to Nigeria through approved International Money Transfer Operators (IMTOs).
