CBN  Commences N5 Per Dollar Reward  For Diaspora Remittances

The Central Bank of Nigeria (CBN)  has commenced a new incentive to encourage inflow of diaspora remittances into the country.

The incentive, tagged ‘Naira 4 Dollar Scheme’ For Diaspora Remittances was announced in a circular dated March 5, 2021 and signed by Saleh Jibrin, for CBN ‘s Director, Trade and Exchange Department.

The circular said the scheme, which would run between March and May, would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.

Acccording to the  CBN beneficiaries or the recipient would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.

All commercial banks and International Money Transfer Operators (IMTOs) have been instructed to ensure that the scheme takes effect from Monday.

“In an effort to sustain the encouraging inflows of diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international Money Transfers.

“All recipients of diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one US dollar received.

“This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday March, 8 and ends on Saturday May, 8″, CBN said.