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How CBN Naira 4 Dollar works.
The inconsistencies in oil prices in the global market have seen the Central bank of Nigeria, CBN reviewing the foreign exchange policy (FOREX) the last year to ensure a more steady inflow.
The CBN has now introduced the ‘Naira 4 Dollar’ scheme which aims to promote diaspora remittances.
This has raised questions about naira devaluation, however, the CBN does not consider the new scheme an official devaluation rather as a solution to improve forex liquidity.
- CBN Shuts Down Diaspora Remittance In Naira Under New Policy
- CBN Diaspora Remittance Policy Cuts Loses For Naira At Parallel Market
Other questions that the Naira 4 Dollar scheme has raised include – is it sustainable? Will the scheme help the CBN overcome the dollar shortage before the closing date – May 8, 2021?
Under the Naira for Dollar’ scheme recipients of dollar remittances through CBN’s International Money Transfer Organizations (IMTOs) will get N5 for every $1.
As the title of the scheme suggests, it is only for dollar remittance as the statement by the CBN does not say if remittances in other foreign currencies will get the same.
The Naira is currently exchanging between N412 and N480 to $1. At this rate, customers will get N5 as long as the inflow remittance of the dollar is going to a local domiciliary account in Nigeria.
CBN “Naira 4 Dollar Scheme” mean?
CBN “Naira 4 Dollar” scheme begins Monday 8 March 2021 to Saturday 8 May 2021″, approximately eight weeks.
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