Naira-for-Dollar policy by CBN will boost economy


The African Centre for Justice and Human Right (ACJHR), by Nduka Edede Chinwendu, has hailed the introduction of the ‘Naira-for-Dollar’ policy by the Central Bank of Nigeria (CBN).

The policy, according to the apex bank, offers an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.

The statement reads: “Having assessed the economy and what this policy is capable to achieve within a short period, we dare say that this policy is a game changer as far as our economy is concerned.

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“We are aware of the ability of the new policy on remittance inflow to revolutionize our economy, reduce cost and check round-tripping. We therefore urge Nigerians to embrace the policy and ensure its success.

“All other central banks in Africa are therefore urged to borrow a leaf from how Emefiele and his CBN team have been churning out laudable policies that have been turning around the nation’s economy, and by extension, the continent’s economy.”

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