CBN Introduces the “Naira 4 Dollar Scheme” for Diaspora Remittances

Must Read

List of First Bank of Nigeria Sort Codes in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

Burger King Announces Grand Entry In To Nigerian Market, Promises First Restaurant In August 2021

Allied Food and Confectionary Services Limited announced exciting plans to launch and grow the Burger King® brand in Nigeria,...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country. the Central Bank of Nigeria (CBN) hereby announces the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of International Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

Nigeria Saving Interest rates Brandspurng3
CBN Governor, Godwin Emefiele | www.brandspurng.com

In light of this, the CBN shall. through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary. This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer the same into their domiciliary account.

In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.

- Advertisement -

Please note having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.

- Advertisement -
CBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand SpurCBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

1 COMMENT

  1. […] CBN Introduces the “Naira 4 Dollar Scheme” for Diaspora Remittances […]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

CBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand SpurCBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand Spur

Latest News

How The Trump Plaza, Atlantic City, Came to be Demolished

It is not so often nowadays that a building is simply demolished, particularly not one of this scale. We...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -CBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand SpurCBN Introduces the "Naira 4 Dollar Scheme" for Diaspora Remittances - Brand Spur