The Central Bank of Nigeria has extended its “Naira for Dollar” scheme past May 8.
In a press release dated May 5, 2021, CBN, said that it will continue the Naira for Dollar scheme which was earlier introduced on March 5 and was scheduled to end on May 8.
The Naira for Dollar scheme entails that for every USD1 received in remittance inflow, N5 will be paid by the CBN through commercial banks. The incentive is to encourage the remittance of diaspora remittances in dollars and into domiciliary accounts.
In the recent press release signed by Director, trade and Exchange Department, A. S. Jibrin, the bank noted that all aspects of the operation remained the same and enjoined those involved to comply with the directive.
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