The central bank launched the incentive scheme more than a month after it directed financial institutions to block crypto entities from the banking ecosystem. forex cbn crypto
The Central Bank of Nigeria ’s attempt to incentivize the country’s forex market through the so-called “Naira for Dollar” scheme has failed. This is evidenced by the local currency’s plunge of more than 25% since the launch of the incentive scheme in March 2021.
At the time, the CBN’s goal was to lure Nigerians in the diaspora who were reportedly sending remittances via alternative channels, which use the black market exchange rate. By directing cross-border remittances to official channels, the CBN would be able to increase the amount of foreign currency that flows into its coffers. Large foreign currency reserves in turn would be used to support the naira.
“However, we feel that the CBN’s Naira for Dollar Scheme appears to be another form of Naira depreciation which may have sent the wrong signal to the forex market,” the asset management firm said.
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