CBN introduces Naira 4 Dollar scheme for diaspora remittances

CBN introduces Naira 4 Dollar scheme for diaspora remittances

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country. the Central Bank of Nigeria (CBN) has announced the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of international money transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow.

In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary, it explained today in a circular.

“This incentive is to be paid to recipients whether they choose to collect the US dollar as cash across the counter in a bank or transfer same into their domiciliary account.

“In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.

“Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021,” it said.