The Central Bank of Nigeria (CBN) has introduced a ‘Naira 4 Dollar Scheme’ to encourage Diaspora remittances.
The Scheme takes effect on Monday, March 8, 2021, the apex bank said in a circular released on Saturday.
Under the scheme that will end on Saturday, May 8, 2021, all recipients of Diaspora remittances through CBN’s International Money Transfer Operators (IMTO) will be paid N5 for every $1 received as remittance inflow.
The CBN described the initiative as an incentive for both senders and recipients of Diaspora remittances, in the circular signed by the Director, Trade and Exchange Department at CBN, A.S Jibrin.
The circular was addressed to all Deposit Money Banks (DMO), International Money Transfer Operators (IMTO) and general public.
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The financial regulator said the initiative would sustain and encourage increase in inflows of Diaspora remittances into Nigeria.
“In the 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,” the circular stated.
“This incentive is to be paid to recipients whether they prefer to collect the USD as cash across the counter in the bank or transfer same into their domiciliary account.”
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