The Central Bank of Nigeria said it has extended its Naira 4 dollar scheme indefinitely earlier scheduled to end on May 8, 2021.
The bank made opened on Thursday in a circular titled ‘Re: Introduction of the CBN’s “Naira 4 dollar scheme” for diaspora remittances.
In a circular posted on its website, the CBN said the initiative initially expected to end this month would continue until further notice to sustain the gains of the scheme.
The circular which was signed by A.S. Jibrin for the director, trade and 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, hereby announce the continuation of the scheme until further notice.
It was recalled that the Central Bank of Nigeria introduced the Naira-4-Dollar scheme as part of its reforms to boost the inflow of diaspora remittances into Nigeria through the International Money Transfer Organizations.
Deposit Money Banks had continued to woo customers with the CBN’s policy to boost remittances since it was introduced.
This incentive is to be paid to recipients and more convenient ways to collect dollar as cash across the counter in a bank or transfer some into the domiciliary account.
A former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said that while observing that a lot of money was coming from abroad but not going through the government licensed operators said it would encourage people to patronize government licensed money transfer operators.
By our Reporter.