The recently introduced Naira4Dollar scheme by the CBN has attracted $40 million in foreign remittances in just one week, over six times its remittances from the week before at $6 million.
The scheme was introduced to encourage remittances from the diaspora by giving 4 Naira for every dollar received from overseas through the Central Bank’s licensed International Money Transfer Operators.
Also, the Naira opened at 408.75 to 1 Dollar today at the Investors and Exporters Window, which may be a direct influence on the inflow of foreign exchange.
