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By Kadiri Abdulrahman, The Central Bank of Nigeria (CBN) on March 5 introduced the Naira4Dollar scheme to encourage increased diaspora remittances into the country. Announcing the introduction of the scheme in a circular, Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department, said that it would allow all
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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.
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.