Saturday March06, 2021 / 04:40 PM / by CBN/ Header Image Credit: 123rf
Inan effort to sustain the encouraging increase in inflows of diasporaremittances into the country. the Central Bank of Nigeria (CBN) herebyannounces the introduction of the "CBN Naira 4 Dollar Scheme', an incentive forsenders and recipients of Intemational Money Transfers.
Accordingly,all recipients of diaspora remittances through CBN licensed IMTOs shallhenceforth be paid N5 for every USD1 received as remittance inflow.
Inlight of this, the CBN shall. through commercial banks, pay to remittance recipientsthe incentive of N5 for every USD1 remitted by sender and collected by designatedbeneficiary. This incentive is to be paid to recipients whether they choose tocollect the USD as cash across the counter in a bank or transfer same intotheir domiciliary account.
Ineffect, a typical recipient of diaspora remittances will, at the point ofcollection, receive not only the USD sent from abroad but also the additionalN5 per USD received.
Pleasenote having discussed with banks and IMTOs, the scheme takes effect from Monday8 March 2021 and ends on Saturday 08 May 2021.
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