CBN introduces N5 incentive per dollar for diaspora remittances

March 6, 2021
14 Views

The Central Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow diaspora remittances.

The incentive, tagged “Naira 4 Scheme”, was announced circular signed by Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department.

Jibrin said that the scheme, which would run between March and May, would allow all recipients diaspora remittances to be N5 for every one received.

said that beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the or through their domiciliary accounts.

instructed all commercial banks and International Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.

“In an effort to sustain the encouraging inflows diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients international Transfers.

“All recipients of diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one US received.

“This incentive to be to recipients whether they choose to collect the dollar as cash across the or transfer same into their domiciliary account.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday March, 8 and on Saturday May, 8,” said. (NAN)

You may be interested

News
2 views

Chelsea stun City to secure place in FA Cup final

admin - April 17, 2021

Chelsea beat Manchester City 1-0 on Saturday to book a place in next month's FA Cup final thanks to a…

News
3 views

Uber, Bolt drivers threaten strike on Monday 

admin - April 17, 2021

Some Uber and Bolt e-cab drivers in Lagos on Saturday asked the e-hailing companies to immediately increase fares being charged…

Police arrest 4 suspected teenage cultists in Alakuko, Lagos 
News
2 views
News
2 views

Police arrest 4 suspected teenage cultists in Alakuko, Lagos 

admin - April 17, 2021

Police arrest 4 suspected teenage cultists in Alakuko, Lagos  Posted by News Express | 17 April 2021 | 111 times…

Leave a Comment