Nigeria, May 6 -- The Central Bank of Nigeria has extended the deadline for its Naira 4 Dollar Scheme indefinitely.

The bank announced this Wednesday through a statement it issued to all deposit money banks, International Money Transfer Operators (IMTO), and the general public.

Although the bank did not give a reason for its action, the move is expected to further boost the country's foreign reserve and increase dollar circulation.

"Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme till further notice," the memo said.

"All aspects of the operationalization of the programme...