In an effort to sustain the encouraging inflows of diaspora remittances into the country, the Central Bank of Nigeria has announced the introduction of the CBN Naira 4 Dollar Scheme,” an incentive for senders and recipients of International Money Transfers.
The CBN announced this in a circular to all deposit money banks, International Money Transfer Operators, and the general public. The circular was dated March 5, 2021.
“Accordingly, all recipients of diaspora remittances through CBN-licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow,” the circular said.
The circular said that the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the 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 same or transfer same into their domiciliary account,” it said.
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 scheme takes effect from Monday 8 March 2021 and ends on Saturday 8 May 2021, according to the statement.
