The Central Bank of Nigeria (CBN) has announced an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice.
The apex bank announced the extension on Wednesday through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and the general public.
CBN stated that all aspects of the operationalisation of the scheme were to remain the same.
The CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.
The apex bank had said the scheme would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.