Diaspora Remittances: Is CBN’s Naira 4 Dollar Scheme here to stay?

Naira 4 Dollar Scheme

Diaspora Remittances: Is CBN’s Naira 4 Dollar Scheme here to stay?     The voracity of the Central Bank of Nigeria (CBN) to swell up its foreign exchange wallet is insatiable and the apex bank has been preoccupied with two things: reducing outflow of foreign exchange to its barest minimum and attracting the hard currencies to keep the reserves afloat of demands. Diaspora remittances has been a key channel for forex to find its way into the economy  and the World Bank emphasised this when it said that not less…

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Naira 4 Dollar: FirstBank begins execution to pull diaspora remittances

Naira 4 Dollar

Naira 4 Dollar: FirstBank begins execution to pull diaspora remittances   First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider is rewarding customers with N5 for every dollar received through foreign remittances. It said today that the N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the USD as cash across the counter in any of the Bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts. The reward to customers is in line with the Central Bank…

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CBN introduces Naira 4 Dollar scheme for diaspora remittances

CBN defends naira with $1.47bn in one month

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…

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