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Naira4dollar scheme

Banking

Naira4dollar scheme has been extended indefinitely – CBN

Naira4dollar scheme has been extended indefinitely – CBN

Naira4dollar scheme – The Central Bank of Nigeria has announced its decision to further extend the ongoing cashback reward per USD remittance into the country through the Deposit Money Banks and all money transfer operators.

Recall, on March 8, 2021. CBN announced the commencement and adoption of the Naira4dollar scheme which was aimed at encouraging diaspora remittances.

It should make an easy read to understand the NGN has continued to suffer immense pressure against the U.S dollar.

This can be attributed to several factors, which top on the list is the country’s inability to export non-oil products and attract liquidity of the foreign exchange since oil price remains ridiculously low.

The USD has reportedly sold for about N500/$ to arrive at a relatively stable N480/$ at the moment.

On the announcement of the commencement of the Naira4dollar scheme in March, CBN said the program will run through to 8 May 2021.

On Thursday evening being 6, May 2021 CBN announced its intentions to extend the scheme indefinitely through its Twitter handle.

The apex bank likewise communicated DMBs and MTOs on this decision through the below circular.

It then stands that money transfer remittances beneficiaries will continue to receive the cashback reward indefinitely.

2 comments on “Naira4dollar scheme has been extended indefinitely – CBN

Raphael Orji
Emma

This is cool 😎
Oga Ralph, well done oo. Lol

Reply

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