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Nigeria’s Central Bank Extends Naira4dollar Scheme Indefinitely

The Central Bank of Nigeria (CBN) has announced the extension of the naira for dollar scheme indefinitely. This was announced in a circular signed by A.S. Jibrin for Director of Trade & Exchange Department.

The statement reads: “Further to the CBN Circular dated 05 March 2021 on the above subject matter (RE: Introduction of The CBN’s “Naira 4 Dollar Scheme For Diaspora Remittances), 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 operationalisations of the programme remain the same.”

The Bank had introduced the scheme to boost dollar supply in the country, at a time of foreign exchange shortage that forced the bank to devalue the naira.

According to the bank, recipients of diaspora remittances through CBN’s International money transfer operators (IMTOs) will be paid N5 for every $1 received as remittance inflow.

The scheme started on March 8 and was expected to end on May 8. Now, the CBN has extended it till further notice.

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