The Central bank of Nigeria(CBN) has introduced a Naira For Dollar Scheme an incentive for senders and recipients of international money transfers in a bid to sustain the increase in inflows of diaspora remittances into Nigeria.
The new policy in a CBN circular referenced TED/FEM/PUB/FPC/01/003 and
signed by the Director, trade and exchange department, A.S.Jibrin, was directed to all Deposit Money Banks(DMO), International Money Transfer Operators (IMTOs) and the general public.
According to the circular, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.
Noting that, “ having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021”.
It circular explains that the CBN through commercial banks pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by 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 same into their domiciliary account.
In effect it added that, “ 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”.
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