The Naira4Dollar Scheme introduced by the Central Bank of Nigeria (CBN) last year has helped to boost remittances by 1,566.6 percent from only $6 million per week to over $100 million weekly, Godwin Emefiele, governor of the CBN said on Thursday.
He disclosed this at a press conference after the bankers committee meeting where he announced the introduction of the Non-Oil FX Rebate Scheme, a special local currency rebate scheme for non-oil exporters of semi finished and finished produce who show verifiable evidence of exports proceeds repatriation sold directly into the I & E window to boost liquidity in the market.
Read also: CBN introduces new scheme to improve dollar supply
On March 6, 2021, the CBN introduced the Naira 4 dollar scheme as an incentive to boost inflows of diaspora remittances into the country.
Addressing journalists after the bankers committee meeting held virtually and in Abuja, Emefiele said the CBN shall establish the modalities for granting a rebate for each dollar that non-oil exports proceeds that an exporter sells into the market, for the benefit of other FX users and not for funding its own operations.
He said although the rebate programme is with immediate effect, the detailed guideline of the scheme will be communicated next week.
“Our plan is to graduate the percentage of the rebate depending on the level of value addition into the product being exported”, he said.
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