Earn ₦5 for every US$1 sent to Nigeria as CBN Launches Naira 4 Dollars Scheme ~ Reactions

The Central Bank of Nigeria (CBN) through its Trade and Exchanged department has launch a new scheme tagged “Naira 4 Dollars”. The new scheme would allow senders of international money transfers to earn an extra ₦5 for every US $1 send in to the country.

The Central Bank of Nigeria in a statement released on Friday 5th of March 6, 2021, said “In an effort to sustain the encouraging increase inflows of Diaspora remittances into the country. The CBN hereby announces the introduction of the “CBN Naira 4 Dollar Scheme” an incentive for sender and recipients of International Money transfer.

#CBN introduces the CBN’s “Naira 4 Dollar Scheme” for Diaspora Remittances – an incentive for senders and recipients of International Money Transfers ..https://t.co/7g7vIZfd6Z

— Central Bank of Nigeria (@cenbank) March 6, 2021

The CBN said the incentive which would start from the 8th of March 6, 2021, to end on the 8th of May 2021 would help strengthen the Naira which has continued to have a free fall.
The Naira 4 Dollars scheme has attracted reactions from Nigerians. Many have called this move by the Central Bank a desperate move to save the Naira from its far. Currently, the naira is pegged at 411.54 to a dollar.

See reactions to the Naira 4 Dollars scheme

I think the plan using this system is actually to improve the value of the naira, but it wouldn’t work certainly, like other failed policies.

When the demand for the naira is high it increases the value. And in this case for every one dollar, you demand 5 naira…

— Amir (@Amir_Onimisi) March 6, 2021

This people in government will always result to the most lazy ass policy to boost the economy.

Is this not pure airdrops in crypto?

— 𝚌𝙲𝚑𝚒𝚍𝚒🛠 (@ccjontweets) March 6, 2021

Chai, is this what the naira has come to?
Nah wetin dem dey use do fisi for other currencies Omo!!!😭😭😭

— Clement Udensi Bryan (@udensibryan) March 6, 2021

This doesn’t seem different from a Ponzi Scheme. Only difference is that, it’s CBN Ponzi scheme. This scheme will still pay more for money the big politicians or money movers..

— Jerry_White (@Akyneorlah) March 6, 2021

It’s almost as if they float the naira, they won’t have to do giveaway to get dollars..

But doing the basic simple thing is rocket science for is..

— William (@_SirWilliam_) March 6, 2021

CBN must be pretty desperate to have thrown in this offer.

A better move would have been to offer incentives to those who cash their bitcoins through CBN and banks. That way, CBN gets some control and understanding of this ever changing digital system rather than banning

— Guru Leostan (@guru_leostan) March 6, 2021

Can there be stability. This CBN this today CBN that tomorrow is causing instability and lack of confidence from investors and Nigerians at home and in diaspora thereby worsening the whole situation. Who knows what CBN will come up with tomorrow. Haba

— Maceration (@okey_adinde) March 6, 2021

The only way to strengthen the Naira is to bring back N1 Naira note, scrap N1,000 & N500 note. We are operating cashless policy so there is no point for N1k note. The one Naira note should be in more circulations. Let’s see how politician will carry N50million in N1 denomination

— Sammy (@Talk_2_Sammy) March 6, 2021

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