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CBN extends Naira 4 Dollar scheme beyond May 8


1min read

THE Central Bank of Nigeria (CBN) has extended the deadline for the Naira 4 Dollar scheme introduced in March to boost diaspora remittances. 

The apex bank said in a statement that the scheme, which was scheduled to end on May 8, would continue indefinitely.

“All aspects of the operationalization of the programme remain the same,” the statement directed to all deposit money banks said.

The CBN, on March 5th, introduced Naira 4 Dollar Scheme for diaspora remittances, a strategy targeted at strengthening the economy by boosting foreign exchange (FX).

According to the details of the scheme, commercial banks are to pay a designated beneficiary N5 for any $1 remitted from the diaspora.

This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account.

Chief Executive Officer of Financial Derivatives Company Bismarck Rewane described the scheme as a ‘promo gimmick’ and described the move as unusual.

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“The Central Bank would probably understand in the end that there is no other way of managing an exchange rate than having one rate so that people would stop exploiting it,” said Rewane.

However, Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Ayo Olukanni said the Naira 4 Dollar scheme was a strategic initiative of the CBN to improve diaspora remittances.

“The projection is that very soon, we can hit as much as $30 billion in terms of diaspora remittances annually which can be directed at investments at home. The chambers of commerce, which is located all over the country, is a solid platform through which these diaspora remittances can be channelled into developmental purposes,” he said.

Nigeria has the sixth highest diaspora remittance in the world currently estimated at $25 billion per annum.

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