Since the introduction of the Central bank of Nigeria’s (CBN) “Naira4Dollar Scheme” in March 2021, the Naira rate has fallen by a whopping N127 (or 26%).
The CBN has deployed a plethora of initiatives intended to attract more dollar inflows to the country, and they include the following...
Diaspora remittances into Nigeria increased by 15.6% QoQ to $9.22 billion in H1 2021 compared to $7.98 billion...
Nigeria's foreign reserve dipped 5.3% year to date, to stand at its lowest level since October 2017.
The naira depreciated against the US dollar at the Investors and Exporters window on Tuesday to close at N411.25/$1.
The exchange rate between the naira and the US dollar, closed at N411/$1 at the I&E Window.
The Naira4Dollar Scheme does not require banks to seek your permission to open a domiciliary account.
