The Central Bank of Nigeria (CBN) has introduced a “Naira 4
Dollar Scheme” — an incentive for senders and recipients of international money
transfers.
The apex bank said all recipients of diaspora remittances
through CBN-licensed international money transfer operators (IMTOs) shall
henceforth be paid N5 for 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 bank said in the circular
seen by TheCable.
“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.”
The scheme runs from March 8 to May 8.
Following the double-whammy impact of the pandemic and
declining oil prices in 2020, Nigeria’s foreign exchange (FX) earnings suffered
a sharp decline. This has forced the apex bank to look for alternative sources
to boost the nation’s FX earnings through diaspora remittances.
In November 2020, CBN announced that beneficiaries of
diaspora remittances through the international monetary transfer operators
(IMTO) will have such inflows in foreign currency (US dollar) through the
designated bank of their choice.
The CBN had said the changes are necessary to deepen the FX
market, provide more liquidity and create more transparency in the
administration of Diaspora remittances into Nigeria.
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