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