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BANKING & FINANCECOVERNEWSLETTER

Naira Gains As CBN Extends ‘Naira 4 Dollar’ Initiative

Naira Pushes Close To N500/$

Nigeria’s naira to dollar exchange rate appreciated at the NAFEX market on Thursday, May 6, 2021 amid the extension of the Central Banks of Nigeria’s ‘Naira 4 Dollar’ initiative.

The exchange rate at the NAFEX or I & E window closed at N411 to one dollar on Thursday as against N410.5/$1 in the previous day.

This represents about 0.12 per cent appreciation in the currency.

Naira traded at a peak of N420.9 at the Investors and Exporters window as government continues to encourage dollar remittances.

At the parallel market/black market, the naira to dollar exchange rate remained stable at N485/$ for over a week.

The closing rate indicated that the exchange rate differential between NAFEX market and parallel market is N74.

The Central Bank of Nigeria (CBN) on Wednesday announced the continuation of its “Naira 4 Dollar Scheme” — an incentive for senders and recipients of international money transfers — until further notice.

CBN said recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) shall continue to be paid N5 for every $1 received as remittance inflow.

The scheme was initially scheduled to run from March 8 to May 8.

But in a circular released by the apex bank on Wednesday, CBN said the deadline for receiving the $1 bonus has been extended till further notice.

About Author

Ife Ogunfuwa is an award-winning reporter who is versed in reporting business and economy, technology, gadgets reviews, telecoms, tax, and business policy review, among others. She loves telling stories behind the numbers. She has professional certifications in business and financial reporting. You can reach her via – [email protected]

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