CBN Extends Naira4Dollar Policy Indefinitely

Hamilton Nwosa
Writer

Ad

Attempted suicide no longer a crime: FG sets December deadline for decriminalisation

By Obinna Uballa The Federal Government has reaffirmed its resolve to decriminalise attempted suicide in Nigeria, setting December 2025 as the deadline for completing the reform. Coordinating Minister of Health and Social Welfare, Prof. Muhammad Pate, disclosed this on Wednesday at a press briefing in Abuja to mark the 2025 World Suicide Prevention Day, themed…

Job Cuts Rock Global Oil and Gas Sector

The global oil and gas industry is facing a severe downturn with widespread job losses and investment cuts. Falling crude prices, exacerbated by OPEC+ output increases, are making it difficult for western majors to fund projects and shareholder payouts. The downturn is significantly impacting the US shale industry and raising concerns about the future of…

Kamala Harris slams Biden’s 2024 run as ‘reckless gamble’ in explosive memoir

By Obinna Uballa The immediate past United States vice president Kamala Harris has described Joe Biden’s decision in 2024 to seek a second term as president as an act of “recklessness,” in explosive excerpts from her forthcoming memoir released Wednesday. Harris, who replaced Biden as the 2024 Democratic nominee but ultimately lost to Donald Trump,…

Ad

The Central Bank of Nigeria (CBN), has announced the extension of the deadline of the Naira4Dollar policy.

According the apex bank, the policy is to continue till further notice.

The policy rewards Nigerians with N5 for every $1 they receive through the licensed International Money Transfer Operators (IMTOs).

The apex bank introduced the policy on March 8, in a bid to encourage recipients of dollars to use formal and appropriate banking channels to perform their transactions and also to increase dollar liquidity in the country.

However, the apex bank has now announced an indefinite extension of the policy ahead of the initial May 8 deadline.

This was announced in a circular issued by the CBN’s Trade and Exchange department to all deposit money banks and IMTOs

With the policy, the deposit banks are required to pay N5 for every dollar that is sent into a domiciliary account owned by a Nigerian and the recipient of international money transfers.

The statement reads, ‘’Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme till further notice.

‘’All aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.’’

According to financial experts, the move is expected to sustain the foreign exchange market liquidity in Nigeria which has been badly hit by global health crisis, COVID-19 and drop in oil revenue.

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp