CBN to reward diaspora remittances with 5 naira incentive.


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In a bid to encourage dollar inflow from Nigerians in the diaspora, the Central Bank of Nigeria (CBN) has announced the introduction of the “CBN Naira 4 Dollar Scheme”, an incentive for senders and recipients of international money transfers.

The apex bank made this announcement in a statement which states all recipients of diaspora remittances through CBN licensed IMTOs shall hence forth be paid N5for every $1 received as remittance inflow.

“In light of this, the CBN shall, through commercial banks , pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary,” the statement read.

“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.”

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