The Central Bank of Nigeria (CBN) has announced the continuation of its “Naira 4 Dollar Scheme” — an incentive for senders and recipients of international money transfers — until further notice.
On March 5, the apex bank introduced the scheme in a major effort to drive diaspora remittances.
CBN said recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) shall henceforth be paid N5 for every $1 received as remittance inflow.
The scheme was initially scheduled to run from March 8 to May 8.
But in a circular released by…
