06, 2021 / 04:40 PM / by CBN/ Header Image Credit: 123rf
an effort to sustain the encouraging increase in inflows of diaspora
remittances into the country. the Central Bank of Nigeria (CBN) hereby
announces the introduction of the "CBN Naira 4 Dollar Scheme', an incentive for
senders and recipients of Intemational Money Transfers.
all recipients of diaspora remittances through CBN licensed IMTOs shall
henceforth be paid N5 for every USD1 received as remittance inflow.
light of this, the CBN shall. through commercial banks, pay to remittance recipients
the incentive of N5 for every USD1 remitted by sender and collected by designated
beneficiary. This incentive is to be paid to recipients whether they choose to
collect the USD as cash across the counter in a bank or transfer same into
their domiciliary account.
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.
note having discussed with banks and IMTOs, the scheme takes effect from Monday
8 March 2021 and ends on Saturday 08 May 2021.
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