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CBN Announces Continuation Of ‘Naira 4 Dollar Scheme’

The Central Bank of Nigeria (CBN) on has extended the operations of the ‘Naira 4 Dollar Scheme’ until further notice.

The apex bank stated this in a circular signed by its Director, Trade and Exchange Department, Mallam Saleh Jibrin, titled ‘Re: Introduction of the CBN’s “Naira 4 Dollar Scheme’’ for Diaspora Remittances”.

It stated: “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 May 8, 2021, we hereby announce the continuation of the scheme until further notice.”

It would be recalled that the apex bank, had in its effort to encourage improved inflows of diaspora remittances and incentivize senders and recipients of international money transfers into the country a few months ago, introduced the ‘Naira 4 Dollar Scheme’.

The circular then stated: “The CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.

“In effect, a typical recipient of diaspora remittances, will, at the point of collection, receive not only the dollar sent from abroad but also the additional N5 per dollar received”, the apex bank added.

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