In an effort to sustain the encouraging increase in the inflow 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 to senders and recipients of international money transfer.
According to the apex bank, all recipients of diaspora remittances through the CBN licensed International Money Transfer Organisations (IMTOs), shall henceforth be paid N5 for every one dollar received as remittance inflow.
The bank said further: “In the light of this, the CBN shall, through commercial banks, pay the remittance recipients the incentive of N5 for every one dollar remitted by sender and collected by designated beneficiary. The incentive is to be paid to the recipients whether they choose to collect the USD as cash across the counter in the bank or transfer same into 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 dollar received.”