Central Bank Of Nigeria Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances

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The Central Bank of Nigeria (CBN) has announced the introduction of “CBN Naira 4 Dollar Scheme”, an incentive for senders and recipients of international money transfers.

The apex bank in a statement said all recipients of diaspora remittances through CBN licensed IMTOs shall hence forth be paid N5for every $1 received as remittance inflow.

Central Bank Of Nigeria Introduces ‘Naira 4 Dollar Scheme’ For Diaspora Remittances

“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,” the statement read.

”This incentive is to be paid to recipients 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.”

– The Cable

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