CBN Extends Naira4Dollar Policy Indefinitely

Hamilton Nwosa
Writer

Ad

PDP Crisis Escalates as Sule Lamido Threatens Legal Action Over Denied Chairmanship Form

By Abiola Olawale The internal strife gripping the Peoples Democratic Party (PDP) has continued to escalate, as former Jigawa State Governor Sule Lamido threatened to sue the party after being allegedly denied the opportunity to purchase the nomination form for the upcoming National Chairmanship contest. ​The development comes just weeks ahead of the National Convention…

Seismic shifts and power contestation between Nigerians and government, By Owei Lakemfa

By Owei Lakemfa Aliko Dangote has become the first African-born billionaire to reach and surpass a $30 billion net worth. This October, 2025, with a new valuation gain of $430 million, he achieved a net worth of $30.3 billion. But, his on-going quixotic contestations with the Nigerian Constitution and the United Nations Universal Declaration of…

Oil Prices Dip As Oversupply Concerns Mount

Oil prices declined on Monday due to profit-taking following a rally last week, which was initially driven by sanctions imposed on Russia's largest oil producers. Despite a brief firming in Asian trading due to positive signals from US-China trade talks, prices fell in European trading as the market continued to anticipate an oversupply. Experts from…

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

X whatsapp