The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country.
The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received.
The scheme, according to him, will run from March 8 to May 8.
He said the beneficiaries would get the incentive whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.
The CBN official directed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.
Jubrin said: “In an effort to sustain the encouraging inflows of Diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international Money Transfers.
“All recipients of Diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one United States dollar received.
“This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.
“Having discussed with banks and IMTOs, the scheme takes effect from Monday, March 8 and ends on Saturday, May 8.”
Join the conversation
You may be interested
Troops restrict movement along Damaturu-Damboa-Biu Road after attack on military base •Trail fleeing insurgents in Yobeadmin - April 18, 2021
Troops restrict movement along Damaturu-Damboa-Biu Road after attack on military base •Trail fleeing insurgents in Yobe Posted by News Express |…
I don’t hold extremist views, nor support Boko Haram — Pantamiadmin - April 18, 2021
I don’t hold extremist views, nor support Boko Haram — Pantami Posted by News Express | 18 April 2021 |…
Rights’ lawyer updates on mystery Chibok caller, says abducted schoolgirl who called family this year was likely genuineadmin - April 18, 2021
Rights’ lawyer updates on mystery Chibok caller, says abducted schoolgirl who called family this year was likely genuine Posted by…