CBN introduces N5 insective per dollar for diaspora remittances –

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CBN and CRYPTOS: Defending the financial system and economy
CBN

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…



Source: Vanguard Newspaper