The Central Bank of Nigeria (CBN) has introduced a new incentive to encourage inflow of Diaspora remittances into Nigeria.
The incentive, tagged “Naira 4 Dollar Scheme”, was announced in a circular signed by the apex bank’s Director, Trade and Exchange Department, Mallam Saleh Jibrin, at the weekend
According to the circular, the scheme, which would run between March and May, will allow all recipients of Diaspora remittances to be paid N5 for every one dollar received.
Jibrin stated that the beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.
He directed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.
The circular stated, inter alia: “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”, it added.