Tuesday, April 13, 2021

CBN allays fears on naira-for-dollar scheme

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The Central Bank of Nigeria has explained that its new “Naira 4 Dollar Scheme” seeks to make remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.

The new scheme will allow recipients of diaspora remittances through CBN’s money transfer operators to earn a rebate of N5 for every $1 received as remittance inflow.

Nigerians have come up with different interpretations of the rationale behind the new policy since its announcement, with some saying it would devalue the naira while others believe that it would destabilize the parallel market.

However the CBN explained that the new policy will improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients.