CBN "Naira 4 Dollar Scheme": Central Bank of Nigeria Dollar to Naira new policy explained
Central Bank of Nigeria [CBN] di highest regulator of banking and oda financial services inside Nigeria don introduce wetin dem call di CBN "Naira 4 Dollar Scheme".
For one circular wey Central Bank of Nigeria release over di weekend, CBN ay dem go through commercial banks, pay those wey dey receive di dollar, di five naira [N5] awoof alias incentive for every USD$1". Tori be say to see dollar take do international transaction for Nigeria belike headache sake of di many challenges wey dey di economy and again as tins be so di Central Bank dey desperate for dollar inflow into di economy so dat di kontri foreign reserves go increase. Nigerians wey get business or relatives abroad dey do dollar transaction to Nigeria through International Money Transfer Organizations In di last one year Central Bank of Nigeria don review foreign exchange [forex] policy inside di west African kontri sake of how oil price wey be di main foreign exchange earner for di kontri dey go up and down for international market. Dis one make kontri pipo begin panic say goment go devalue di naira. Dis latest move belike an attempt by Central Bank of Nigeria to attract dollar remittances by all means possible, but CBN no dey see dis short-term Naira-4-Dollar scheme as official Naira Devaluation. At di moment one dollar dey exchange for between 412 and 480 Naira and dis scheme go dash additional five naira for di current rate as long as na inflow remittance of Dollar na to local domiciliary account inside Nigeria. Pesin wey dey count dollars Wetin CBN "Naira 4 Dollar Scheme" mean? Dis CBN "Naira 4 Dollar Scheme" mean say on top every one dollar payment alias transaction pesin make to Nigeria through di International Money Transfer Organization, CBN go dash di pesin five naira [N5] awoof. And na di CBN dey pay di cost of dis special extra credit. Di CBN "Naira 4 Dollar Scheme" go start from Monday 8th March 2021 to Saturday 8th May 2021″. To better understand dis tori, for example, wit dis new CBN "Naira 4 Dollar Scheme", if someone send you $50,000, you fit get an additional special credit alert for N250,000 naira as awoof. Nigeria Diaspora remittance alias hard currency like dollars wey flow into Nigeria in 2019 stand at $21bn according to World Bank. Even though wetin experts bin predict show say di remittance for fit rise to $27.66bn in 2020, experts believe say di economy for no fit meet dat target due to di impact of di COVID-19 pandemic. From Monday, CBN go pay Nigerians abroad extra Naira for remitting dollars back home. Take am say dis scheme na awoof wey senders and recipients of International Money Transfers go enjoy. Di big kwesion na whether dis [CBN "Naira 4 Dollar Scheme"] fit help increase dollar inflow into di oil rich west African nation. Odas go dey wonder why tax payers money go become bonanza for forex earners and how much e go cost Nigeria by Saturday 8th May 2021 wen di scheme go end.