Naira weakens to $482 as new CBN scheme begins

The Nigerian currency closed weaker against the dollar as the ‘Naira 4 Dollar Scheme’, introduced by the Central Bank of Nigeria, kicked off on Monday.

The naira fell to 482 per dollar on Monday at the parallel market from the 480/$1 at which it closed last week.

It fell to 411.88/$1 at the investors’ and exporters’ window from 411/$1 on Friday as foreign exchange turnover at the window dropped to $32.58 million from $83.93 million.

The CBN had on Saturday introduced a new scheme that will see recipients of diaspora remittances get N5 extra for every $1 received from abroad through licensed international money transfer operators, staring from Mar. 8 to May 8.

The CBN described it as an incentive for senders and recipients of international money transfers.