BY BANYO TEMITAYO
THE Central Bank of Nigeria has introduced a “Naira 4 Dollar Scheme” in a bid to sustain the encouraging increase in inflows of diaspora remittances into Nigeria.
The apex bank said the scheme was an “incentive that pays naira to senders and recipients of international money transfers.”
In line with the provisions of the new scheme, recipients of diaspora remittances, through CBN’s International money transfer operators, will now be paid N5 for every $1 received as remittance inflow.
This was disclosed in a CBN circular, issued to all Deposit Money Banks and IMTOs, dated March 5, 2021, and signed by the Director, Trade and Exchange Department, A.S Jibrin.
The scheme takes effect from March 8 and ends on May 8.
The CBN said, “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.
“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.”
