The Central Bank of Nigeria (CBN) has unveiled a promotional offer to encourage the inflow of diaspora remittances into the country, with the announcement of the ‘CBN Naira for Dollar Scheme.’
All recipients of diaspora remittances through the CBN licensed international Money Transfer Operators (IMTO), shall be paid N5 for every USD$1 received as remittance, according to the CBN.
“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 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 CBN said in a circular released today addressed to all deposit money banks, IMTOs and the general public.
“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,” the CBN said.
The scheme is to take effect from Monday 8th March 2021 and ends on Saturday 08 May 2021.