CBN Introduces the Naira 4 Dollar Scheme for Diaspora Remittances


Saturday March 06, 2021 / 04:40 PM / by CBN/ Header Image Credit:  123rf

In 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.


Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.


In 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.


In 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.


Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.

 Proshare Nigeria Pvt. Ltd.

Related News

1.      Q3 2020: The Negative COVID Impact on Remittances

2.     5 Tips for Success in Forex Trading

3.     NCM 2020: Lower FX Earnings Widened the Gap Between Two Markets

4.     The Best Deals of 2021 for Nigerian Financial Market Traders

5.     IEFX Rate Crosses N400 to $1 Amid the IMF and FGN Disagreement on Naira Devaluation

6.     Diaspora Remittances in Nigeria: Examining the New CBN Policy (2)

7.     5 Tips to Master Put Selling

8.     The CBN, Exporters and their Unremitted USD Earnings

9.     CBN Bars Exporters With Unrepatriated Export Proceeds from all Banking Services

10.  Only Licensed IMTOs Are Permitted to Facilitate Diaspora Remittances into Nigeria - CBN

11.   Analysts Examine Prospects for Optimizing Choices for Growth in 2021

12.  Exchange Rate Adjustment - IEFX Rate Devalued Briefly Before Appreciating

13.  Forex Trading: Prospects for the Nearest Future

14.  Gross Official Reserves Declined by US$40m in December 2020 to US$35.37bn

15.  Implications of CBN's Adjustment to the I and E Window Rate

16.  Diaspora Remittances in Nigeria: Examining The New CBN Policy (1)

17.  Foreign Reserves Remain Pressured

18.  What No One Told You about "How to Make a Million Dollars Trading Forex"

19.  BAFI Awards: HotForex Wins The 2020 "Forex Trading Platform of The Year" Award

20.  FX Scarcity Biting Hard


 Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


 Proshare Nigeria Pvt. Ltd.

Related News