by 
The Central Bank of Nigeria, CBN has announced that it is extending the “Naira 4 Dollar Scheme for Diaspora Remittance” until further notice. The scheme which began on March 8, 2021, was scheduled to end after two months on May 8.
The aim of the ‘Naira 4 Dollar’ scheme is to promote diaspora remittances and the CBN considers it forex liquidity stream.
- Updated: CBN list of approved international money transfer operators (IMTO) in 2021
- CBN Naira 4 Dollar scheme for diaspora remittance – what is it?
The circular references the 05 March 2021 circular when the CBN initiated the scheme – “Introduction of the CBN’s Naira 4 Dollar scheme for Diaspora Remittance” and reads:
“Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated O5 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 until further notice.
All aspects of the operationalization of the programme remain the same.
Please take not and ensure compliance.”
Naira 4 Dollar Scheme
The CBN targets overcoming dollar shortage in the country with the scheme by offering N5 for every $1 to recipients of dollar remittances through approved IMTOs.
