The scheme allows all recipients of Diaspora remittances through CBN’s International Money Transfer Operators (IMTO) to receive N5 for every $1 they get as remittance inflow.
The apex bank described the initiative as an incentive for both senders and recipients of Diaspora remittances.
Here are 7 other things you need to know about ‘Naira 4 Dollar scheme:
1. The Naira 4 Dollar was introduced in order to ensure that remittance flows and diaspora investments become a significant source of external financing.
2. The initiative aims to improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients.
3. The scheme will take effect on the 8th of March 2021 and end on the 8th of May 2021.
4. It will reduce cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora.
5. It makes the process of sending remittance through formal bank channels more convenient for Nigerians in the diaspora.
6.It will greatly enhance the benefits of diaspora remittances in supporting investments and growth in Nigeria.
7. It aims to increase the transparency of remittance inflow and reduce rent-seeking activities.