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Diaspora remittances: Examining CBN s Naira4Dollar incentive

By Kadiri Abdulrahman, The Central Bank of Nigeria (CBN) on March 5 introduced the Naira4Dollar scheme to encourage increased diaspora remittances into the country. Announcing the introduction of the scheme in a circular, Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department, said that it would allow all

Naira4Dollar scheme may have boosted foreign exchange inflow

BDC operators declare war against forex speculators, black market dealers

Friday, 25th March 2021, the exchange rate between the naira and the US Dollar closed at N409.75/$1 at the Investors and Exporters window. Naira depreciated against the US Dollar on Thursday, 25th March 2021 after witnessing two consecutive gains at the NAFEX window to close at N409.75 to a dollar. This represents a 0.24% decline, when compared to N408.75/$1 recorded on Wednesday, 24th March 2021. However, in the parallel market, the naira remained relatively stable, as it closed at N486/$1, which is the same as recorded in the previous trading session. Forex turnover on the other hand jumped by 394.4% from $34.76 million recorded on the previous day to $171.85 million as oil price continues its bearish trend.

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