CBN introduces new incentive to encourage diaspora remittances

The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country.

The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received.

The scheme, according to him, will run from March 8 to May 8.

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

The CBN official directed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.

Jubrin said: “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 United States 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 the 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.”