What you should know about the "Naira 4 Dollar" Scheme

The Central Bank of Nigeria recently shared a circular which seems like an attempt to incentivize dollar remittance via International Money Transfer Operators. In clear terms, the circular stated that for every $1 received in Nigeria via IMTO, the recipient will get an extra 5 NGN, which is an extra N50,000 for every $10,000 received.

However, the #Naira4Dollar scheme is only available between 8th March 2021 to 8th May 2021 for every remittance made via registered IMTO. Following the announcement, commercial banks in the country have been sending out emails to their customers on how to take advantage of this initiative.

What do you think about this scheme and do you think this could possibly devalue Naira more?