CBN Introduces “Naira 4 Dollar Scheme” For Diaspora Remittances

The Central Bank of Nigeria has introduce a “Naira 4 Dollar Scheme” as an incentive for senders and recipients of International Money Transfer. All recipients of diaspora remittances through CBN licensed IMTOs will henceforth be paid Five (5) Naira for every One (1) US dollar received as remittance inflow.

According to a circular, dated March 5, 2021 and signed by The Director of Trade & Exchanged Department, A.S. Jibrin, the move was necessitated by an effort of the apex bank to sustain the encouraging increase in inflow of diaspora remittances into the country. The circular which was sighted by RateCaptain, stated that the “incentive is to be paid to recipients whether they chose to collect the USD as cash across the counter in a bank or transfer same into their domiciliary account”.

The scheme takes effect from Monday March 8 2021 and ends on Saturday May 8, 2021.

The Central Bank Governor, Godwin Emefiele, at the recently concluded CBN/Bankers Committee’s initiative for economic growth, had stated that weekly diaspora remittances into the country increased from $5m to $30 and that initiatives introduced by the Central Bank of Nigeria to boost forex in the country were yielding result.