Nigeria’s Central Bank Targets More Diaspora Remittance with New FX Policy
The Central Bank of Nigeria (CBN) has announced a new forex policy designed to encourage diaspora remittance through Money Deposit Banks (MNOs) that will fuel dollar liquidity in Nigeria. The initiative tagged, ‘Naira 4 Dollar Scheme’ for diaspora remittances, offers recipients of diaspora remittances through CBN’s International Money Transfer Operators (IMTO)s, N5 for every $1 received as remittance inflow. The scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021. The scheme was disclosed by CBN in a circular which was dated March 5th, 2021, and signed by the Director, Trade and Exchange Department, A.S…
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