Banks say “Naira for Dollar” project closes May 8
By Omolade Adegbuyi
The new initiative tagged ‘Naira-4-dollar scheme’ will come to an end in the first week of May
Banks told customers this week that the policy will be rounded up on May 8.
The Naira for Dollar scheme is part of the Central Bank of Nigeria’s, (CBN) efforts to encourage senders and recipients of funds from abroad to receive same in foreign currency.
Irohinoodua was informed that deposit Money Banks insist that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ ought to be terminated in less than two months from now.
Meanwhile the Banks continue to woo their customers to take advantage of the incentive introduced by the regulator, which started on March 8.
Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows?
“This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira cash.”
Also, Polaris Bank said it had commenced implementation of the extra N5 for every dollar received into domiciliary accounts or as cash over the counter.
