CBN out with N5 incentive for every US$1 remittance

The Central Bank of Nigeria (CBN) has announced a new “CBN Naira for Dollar Scheme” for senders and recipients of International money transfers.

The apex bank in a statement released by its Director, Trade and Exchange Department, A.S Jibrin, said it will through commercial banks pay to remittance recipients the Incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary.

It also stated that the incentive is to be paid to the recipients’ whether they choose to collect the USD as cash or as a transfer into their domiciliary account.

“In its efforts to sustain the 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 initiative 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 USD 1 received as remittance inflow.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 8 May 2021,” the statement said.