The central bank of Nigeria has lengthened the time frame of its ‘Naira for dollar scheme’ that was first scheduled to end on the 8th of May, 2021.
The date which was extended indefinitely was made known on Thursday in a memo to all Deposit Money Banks, International Money Transfer Operators and the general public.
The memo is titled ‘Re: Introduction of the CBN’s “Naira for dollar scheme” for diaspora remittances and was signed by A.S. Jibrin for the director, trade and exchange department.
It reads partly: “Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March2021 on the above subject matter, which was originally scheduled to end on 08May 2021, we hereby announce the continuation of the scheme until further notice.
“All aspects of the operationalisation of the programme remain the same. Please take note and ensure compliance.”
As part of its reforms to increase the inflow of foreign currency in the country, the CBN had introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in its forex policy.