31.9 C
Lagos
Wednesday, March 22, 2023

CBN Extends Dollar incentive to boost dollar remittances

By: Elizabeth Helena

The Central bank of Nigeria has announced to continue indefinitely an incentive program to boost dollar remittances into Africa’s largest economy.

The initiative, which rewards recipients with 5 naira for every $1 they receive through licensed international money transfer operators and commercial banks, was scheduled to end on May 8. It was introduced to encourage recipients of dollars to use formal banking channels and help the central bank capture such inflows to boost the stability of the local currency, which has been under pressure after oil prices plunged last year.

“We hereby announce the continuation of the scheme until further notice.” the governor said in a statement on its website on Thursday.

The naira has been devalued three times since last year after a sharp drop in oil earnings, which accounts for 90% of foreign-exchange inflows, and remittances from workers abroad led to a dollar crunch in the West African nation, which produces the most crude in Africa

spot_img

Related

2023: Bola Tinubu Wins Nigeria’s Presidential Election

Ruling party candidate Bola Tinubu has been declared the...

#NigeriaDecides2023: Labour Party Rejects Presidential Election Results

#NigeriaDecides2023 The opposition party questioned the integrity of the collation...

Show Proof I’m Working For Tinubu, Wike Tells LP

Labour Party on Saturday night raised the alarm that...

2023: Obi Leading in Seven LGs, Atiku Wins Two in Delta

The collation center for the presidential election in Delta...

Labour Party Causes Upset In Enugu, Abia, Sweeps 4 House of Reps Seats

The Labour Party caused an upset by winning four...
Join The Tribe 🥳

Join our ever-growing community of awoken ones and receive newsletters, offers & invitations.