CBN extends naira-4-dollar scheme deadline indefinitely
Published 6 May 2021
The Central Bank of Nigeria has extended its “Naira 4 dollar scheme” earlier scheduled to end on May 8, 2021 indefinitely.
It disclosed this in a circular to all Deposit Money Banks, International Money Transfer Operators and the general public titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances ‘ on Thursday.
The circular which was signed by A.S Jibrin for the director, trade & exchange department read, “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.
Obinna Chima in Lagos and James Emejo in Abuja
The Central Bank of Nigeria (CBN) yesterday extended indefinitely its ‘Naira 4 Dollar Schemeâ introduced to encourage remittances from Nigerians in the Diaspora.
The CBN, in a circular posted on its website, said the initiative initially expected to end this month would continue until further notice in order to sustain the gains of the scheme.
Also yesterday, CBN Governor, Mr. Godwin Emefiele, said the bank would continue to resist the importation of maize into the country.
The CBN had in a circular dated March 5, 2021, signed by Mr. A.S. Jibrin, on behalf of the Director, Trade and Exchange Department stated that the âNaira 4 Dollar Scheme,â which became effective in March, would end tomorrow.
CBN extends Naira-4-Dollar scheme indefinitely
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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.
Views: Visits 6 CBN By Elizabeth Adegbesan 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.” READ ALSONCC warns Telecom consumers against sharing cell phone, NIN, SIM 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.
CBN extends deadline for dollar for naira promo
This move is expected to further boost the country’s foreign reserve and increase dollar circulation.
Central Bank of Nigeria has extended the deadline for its Naira 4 Dollar Scheme indefinitely.
The bank announced this Wednesday through a statement it issued to all deposit money banks, International Money Transfer Operators (IMTO), and the general public.
Although the bank did not give a reason for its action, the move is expected to further boost the country’s foreign reserve and increase dollar circulation.
“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.