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Is this naira plan paying people?
The "Naira plan" is a broad term that could refer to several different initiatives implemented by the Central Bank of Nigeria (CBN). To answer your question accurately, we need to clarify which specific plan you're asking about. Based on the search results, there are two prominent "Naira plans" thatRead more
The “Naira plan” is a broad term that could refer to several different initiatives implemented by the Central Bank of Nigeria (CBN). To answer your question accurately, we need to clarify which specific plan you’re asking about.
Based on the search results, there are two prominent “Naira plans” that could be relevant:
1. The Naira 4 Dollar Scheme:
This scheme, introduced by the CBN, aimed to incentivize Nigerians living abroad to send money back home through official channels. The scheme offered a bonus of 5 Naira for every US dollar remitted to Nigeria.
– The scheme was successful in boosting remittance inflow into Nigeria[1].
– To receive the bonus, recipients need to visit their bank and mention the “Naira 4 Dollar scheme.”[1]
– The bonus is paid by the recipient bank, not the remittance provider[1].
– The scheme was initially meant to end on May 8, 2021, but it was extended until further notice[4].
2. The Naira Redesign Plan:
This plan involved redesigning the 200, 500, and 1,000 Naira notes to combat terrorism financing, hoarding of banknotes, and vote-buying[2].
– The redesigned notes were released on December 15, 2022, and Nigerians had until January 31, 2023, to deposit their old notes in banks[2].
See less– The plan faced significant challenges, including a cash shortage and protests over the scarcity of new notes[3].
– The Supreme Court ruled that the gov