CBN Woos Forex Inflow With Reward For Dollar Remittances

The Central Bank of Nigeria (CBN) has unveiled a new scheme tagged, ‘Naira 4 Dollar’ to woe more Diaspora remittances.

Under this scheme, starting from Monday, the apex bank will offer a N5 reward for every $1US sent from overseas and received by Nigerians within the next 60 days.

According to a circular dated March 5, 2021 and directed to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and members of the public, the apex bank said the new scheme was an effort to sustain the encouraging increase in inflows of Diaspora remittances into Nigeria.

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The circular, issued by the Trade and Exchange Department of the CBN, stated that the scheme was an incentive for senders and recipients of international money transfers.

Accordingly, all recipients of Diaspora remittances through the CBN licenced IMOs, shall henceforth be paid N5 for every $1 received as remittance inflow.

“In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1US remitted by the sender and collected by a designated beneficiary.

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“This incentive is to be paid to recipients, whether they choose to collect the dollar as cash across the counter in a banker or transfer 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.

“Please note that having discussed with banks and IMTOs, the scheme takes effect from Monday, March 8 and ends on Saturday, May 8, 2021,” the circular stated.

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