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CBN extends Naira 4 dollar incentive for diaspora remittances
On
Godwin Emefiele, CBN Governor.
The Central Bank of Nigeria (CBN) has announced an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice.
The apex bank announced the extension on Wednesday through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs), and the general public.
Jibrin said that all aspects of the operationalisation of the scheme were to remain the same.
The News Agency of Nigeria (NAN) reports that the CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.
CBN extends Naira-4-Dollar scheme indefinitely
On
The Central Bank of Nigeria, CBN, said it has extended its Naira-4-Dollar scheme until further notice.
The apex bank disclosed this in a circular titled: “Re: Introduction of the CBN’s “Naira 4 Dollar Scheme” for Diaspora Remittances.”
The circular, signed by Director, Trade and Exchange Department, CBN, Saleh Jibrin, 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.”
Recall, that the CBN introduced the Naira-4-Dollar scheme in an effort to sustain the encouraging increase in inflows of diaspora remittances into the country through the International Money Transfer Operators, IMTOs.
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