Gift Olivia Samuel, The Sight News
ABUJA: In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) has announced the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of International Money Transfers.
This was disclosed in a memo signed by A.S Jibrin for Director, Trade and Exchange Department and directed to all Deposit Money Banks, International Money Transfer Operators (IMTO) and the General Public on Friday, March 5, 2021.
The memo disclosed that all recipients of diaspora remittances through CBN licensed IMTOs will henceforth be paid N5 for every USD1 received as remittance inflow.
According to the memo, “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 the same into their domiciliary account.
“In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received”, it noted.
The apex Bank announced that the scheme will take effect from Monday 8 March 2021 and end on Saturday 08 May 2021.