Diaspora remittances: Zenith, UBA, FCMB appeal to customers over CBN’s N5 per dollar initiative
Banks operating in the country, First City Monument Bank Plc, United Bank for Africa (UBA) and Zenith bank Plc have appealed to customers to oblige to Central Bank of Nigeria (CBN) N5 per dollar initiative to drive Diaspora remittances.
The above banks in a notice to customers during the weekend stated that the service is available at their branches nationwide.
The CBN on Saturday initiated 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 during the weekend.
Meanwhile, Zenith bank in a statement to customers stated that, “Earn N5.00 on every US Dollar each time you receive foreign currency transfer from abroad, through CBN licensed International Money Transfer Operators (IMTOs).
“This incentive is available to Zenith and non-Zenith bank customers receiving Diaspora remittances in cash at any of our branches nationwide or as transfer to domiciliary accounts.”
UBA also stated that, “Receive money sent from friends and family living abroad at any UBA branches nationwide and get instant cash reward.
UBA will give an extra N5.00 for every $1.00 received. For example, if you receive $1,000 at UBA, you get an extra N5,000.”
In addition, FCMB in a notice to customers stated that, “Enjoy instant cash rewards on money sent to you from abroad!
“Yes! From now until May 08, 2021, FCMB will give you N5 extra for every $1 you receive via money transfer agents from your loved ones who live abroad. For example, if you receive $1,000, then you get an instant reward of N5,000 and so on.
“Visit the nearest FCMB branch today to receive your money in dollars and enjoy your extra cash.”
However, 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 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.
