Business

CBN’s “Naira4Dollar” Scheme

The CBN just introduced the naira for dollar scheme where individuals get a certain percentage for exchanging their foreign currencies

The Central Bank of Nigeria introduced the Naira4Dollar scheme to bring back foreign remittances to the nation’s financial streams.

CBN’s “Naira4Dollar” Scheme

The scheme incentivizes users to receive money through banks by giving them ₦5 for every $1 remittance across the nation.

The scheme takes effect from March 8 and ends on May 8.

Thoughts on the scheme

The policy will boost FX supply through payments Nigerians abroad send back home via international money transfer agents

It will promote remittance via formal channels and reduce  Peer to Peer networks and crypto payments where the USD liquidity typically stays offshore.

Read Also Foreign trade deficit hits N7.37tn: Can Nigeria achieve balance of trade?

What’s your thought on Dollar4Naira CBN scheme?

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Samuel Osunniyi

I am a Tech and business enthusiast with interest in promoting SMEs and Tech Contents.

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