The Central Bank of Nigeria (CBN) has announced the
continuation of its “Naira 4 Dollar Scheme” — an incentive for senders and
recipients of international money transfers — until further notice.
On March 5, the apex bank introduced the scheme in a major
effort to drive diaspora remittances.
CBN said recipients of diaspora remittances through
CBN-licensed international money transfer operators (IMTOs) shall henceforth be
paid N5 for every $1 received as remittance inflow.
The scheme was initially scheduled to run from March 8 to
May 8.
But in a circular released by the apex bank on Wednesday,
CBN said the deadline for receiving the $1 bonus has been extended till further
notice.
The circular, signed by A. S. Jibrin, director of trade and
exchange at the CBN, noted that operations of the scheme remain the same.
“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,” the circular read.
“All aspects of the operationalization of the programme
remain the same. Please take note and ensure compliance.”
Following the double-whammy impact of the pandemic and
declining oil prices in 2020, Nigeria’s foreign exchange (FX) earnings suffered
a sharp decline. This has forced the apex bank to look for alternative sources
to boost the nation’s FX earnings through diaspora remittances.
In November 2020, CBN announced that beneficiaries of
diaspora remittances through the international monetary transfer operators
(IMTO) will have such inflows in foreign currency (US dollar) through the
designated bank of their choice.
The CBN had said the changes are necessary to deepen the FX
market, provide more liquidity and create more transparency in the
administration of Diaspora remittances into Nigeria.
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