Monday, May 10, 2021
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Banks begin payment of N5 for every one dollar of diaspora remittances


Money247 have confirmed through a transaction made by one of its publishers that Nigerian banks have commenced implementation of the Central Bank of Nigeria (CBN)’s new policy on diaspora remittances, tagged ‘Naira 4 Dollar’ scheme, which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter.

In order to boost inflows of diaspora remittances into the country, the CBN on Saturday announced plans to pay N5 for every one dollar received by all recipients of diaspora remittances through its licensed International Money Transfer Operators (IMTOs).

In a circular dated March 5, 2021 and signed by A.S.Jibrin for director trade and exchange department, the scheme takes effect from Monday, March 8, 2021, and ends on Saturday, May 8, 2021. The circular also stated that the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary.

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Akinola Olusegun is a blogger and publisher of this blog, You can also check out his other blogs : (videos & news), (e-commerce), (news) among others. Follow him via any or all of his social media pages to get fresh posts update.

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