Nigeria’s Central Bank Introduces ‘Naira 4 Dollar Scheme’ to Boost Diaspora Remittances

The Central Bank of Nigeria (CBN) has introduced a scheme that rewards senders and recipients of international money transfers through CBN licensed International Money Transfer Operators (IMTOs).

The CBN says the “Naira 4 Dollar Scheme” will ensure recipients of diaspora remittances are paid N5 for every $1US received as remittance inflow.

The Nigerian apex bank in a statement released on Saturday and signed by A.S. Jibrin for the Director, Trade and Echange Department said the move will boost and sustain inflows of diaspora remittances into the country.

“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’, and incentive for senders and recipients of International Money Transfers,” the statement read.

“Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henforth 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,” the statement read.

By Abel Ejikeme

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