The Central Bank of Nigeria (CBN) has announced the launching of “CBN Naira 4 Dollar Scheme” for diaspora remittances.
According to the apex bank in a circular dated March 5th, 2021, and signed by the Director, Trade and Exchange Department, A.S Jibrin, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow.
The scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021.
“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 circular 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.”
