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

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

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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.

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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

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