Regulatory Alerts2021-05-05 | TED/FEM/PUB/FPC/01/004Re:Introduction Of CBN's "Naira For Dollar Scheme"
The Central Bank of Nigeria announces the continuation of the "Naira 4 Dollar Scheme" for diaspora remittances, which was originally set to end on May 8, 2021. The scheme incentivizes recipients of international money transfers to collect their funds in foreign currency rather than naira. All operational aspects of the program remain unchanged.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT TRADE AND EXCHANGE DEPARTMENT 09 46237831 09 46237809 e-mail address: ted@cbn.gov.ng TED/FEM/PUB/FPC/01/004 05 May 2021 TO: ALL DEPOSIT MONEY BANKS, INTERNATIONAL MONEY TRANSFER OPERATORS (IMTOs) AND GENERAL PUBLIC RE: INTRODUCTION OF THE CBN'S "NAIRA 4 DOLLAR SCHEME" FOR DIASPORA REMITTANCES 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 until further notice.
All aspects of the operationalization of the programme remain the same.
Please take note and ensure compliance.
For: DIRECTOR TRADE & EXCHANGE DEPARTMENT