CBN Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances

CBN introduces ‘Naira 4 Dollar Scheme’ for diaspora remittances, to pay N5 for every $1 remittedThe Central Bank of Nigeria (CBN) has introduced its ‘Naira 4 Dollar Scheme’ for diaspora remittances, as all recipients of diaspora remittances through CBN’s IMTOs shall be paid N5 for every $1 received as remittance inflow.The scheme takes effect from Monday, March 8, 2021 and ends on Saturday, May 8, 2021.

This was disclosed by CBN in a circular issued to all Deposit Money Banks (DMO) and International Money Transfer Operators (IMTO).The memo, which was seen by Nairametrics, was dated March 5th, 2021 and signed by the Director, Trade and Exchange Department, A.S Jibrin.According to the circular, the initiative is CBN’s effort to sustain the encouraging increase in inflows of diaspora remittances into Nigeria.

The circulated stated, “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.“