The Central Bank of Nigeria CBN has extended the deadline for its Naira 4 Dollar Scheme indefinitely.
The announcement was contained in a statement issued by the Apex bank to all deposit money banks, International Money Transfer Operators (IMTO), and the general public.
“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 till further notice,” the memo said.
“All aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.”
Although the bank did not give a reason for its action, the move is expected to further boost the country’s foreign reserve and increase dollar circulation.
It is worthwhile to note that the CBN had in March launched the Naira 4 Dollar scheme that pays naira to senders and recipients of international money transfers.
The CBN scheme designed to increase the inflows of diaspora remittances into the country, rewards both senders and recipients of international money transfers.