The Central Bank of Nigeria has extended the deadline for the operation of the ‘Naira4Dollar Scheme’, which is aimed at increasing dollar remittance into the country’s economy.
The scheme, which took effect on Monday, March 8, 2021, was to elapse by May 8, 2021.
But in a circular on Thursday, the apex bank announced indefinite extension of the deadline.
The statement read in part, “Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated March 5, 2021, on the above subject matter, which was originally scheduled to end on May 8, 2021, we hereby announce the continuation of the scheme till further notice.
“All aspects of the operationalisation of the programme remain the same. Please take note and ensure compliance.”
At the time of filing this report, the naira is trading at 485/$1 at the parallel market, the rate which it has been trading since the beginning of this month.
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