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First Bank rewards customers under CBN’s new foreign remittance law

First Bank of Nigeria Limited has stated the implementation of the new Central Bank of Nigeria’s (CBN) Naira4dollar policy by rewarding customers with N5 for every dollar received through foreign remittances.

The bank’s customers will be paid the N5 for a dollar incentive regardless of their preference to collect the United State Dollars (USD) as cash across the counter in any of the Bank’s over 750 branches nationwide or as transfer into the customers’ domiciliary accounts.

The ‘Naira 4 Dollar scheme’ was introduced to promote diaspora remittances into the country. For example, a customer that receives 10,000 USD gets N50, 000.00 as reward. The scheme is to run from Monday, 8 March – Saturday, 8 May 2021.

Speaking on the initiative, First Bank’s CEO, Dr. Adesola Adeduntan said, “At First Bank, we are pleased to participate in the CBN’s ‘Naira 4 Dollar scheme’ as it will contribute to deepening financial inclusion in Nigeria. Indeed, it’s an activity we are pleased to lead, whilst promoting access to funds across the nooks and crannies of the country in almost 127 years of our existence.

“We are delighted to be a gateway to promoting dollar remittances into the country and we encourage our customers, their loved ones and friends to use our international money transfer services which would enable them to enjoy the rewards of this promo, sustaining the increase in inflows of diaspora remittances into Nigeria consequently help in poverty reduction, income redistribution and enhancement of economic growth.”

First Bank pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer. The Bank’s wealth of experience and operation in over 750 locations nationwide gives it the edge in the market.

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