CBN extends Naira for dollar scheme indefinitely

The Central Bank of Nigeria (CBN) has extended the Naira for dollar scheme till further notice, saying all aspects of the operationalisation of the programme remain the same.

This was disclosed in a letter to all deposit money banks, International Money Transfers Operators (IMTOs), and the general public dated May 5, 2021, and signed by A.S Jibrin for the director, trade, and exchange department, CBN.

The Naira for dollar scheme was originally scheduled to end on May 8, 2021. “We hereby announce the continuation of the scheme until further notice,” the circular stated.

On March 6, 2021, the CBN introduced the Naira 4 dollar scheme as an incentive to boost inflows of diaspora remittances into the country.

The new policy on remittances flows by the lender of last resort, which offers to reward recipients of diaspora remittances is expected to reduce costs and check roundtripping, according to the regulator.

Godwin Emefiele the CBN governor had explained that the move was also to increase the transparency of remittance inflows and reducing rent-seeking activities., even as he expressed optimism that the new policy measure will encourage banks and financial institutions to develop products and investments vehicles, geared towards attracting investments from Nigerians in the diaspora.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.