CBN introduces N5 incentive per dollar for diaspora remittances

The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of diaspora remittances.

The incentive, tagged “Naira 4 Dollar Scheme”, was announced in a circular signed by Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department.

Jibrin said that the scheme, which would run between March and May, would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.

He said that beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.

He instructed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.

“In an effort to sustain the encouraging inflows of diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international Money Transfers.

“All recipients of diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one US dollar received.

“This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday March, 8 and ends on Saturday May, 8,” he said.