CBN to pay N5 for $1 in “CBN Naira 4 Dollar scheme” for Diaspora Remittances

CBN Naira 4 Dollar Scheme

The Central bank of Nigeria (CBN) has introduced the “CBN Naira 4 Dollar Scheme”, aimed at encouraging an increase in inflows of diaspora remittances into Nigeria.

In a circular released by the apex bank to Deposit Money Banks (DMB) and International Money Transfer Operators (IMTOs) and signed by Director for Trade and Exchange Department, A.S Jibrin, the CBN said the scheme is targeting both senders and recipients of International Money Transfers.

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According to the circular, CBN through the licensed IMTOs shall henceforth pay N5 for every USD1 received as remittance inflow. The CBN also promised to pay N5 for every USD1 remitted by the sender and collected by the designated beneficiary, emphasizing that the incentive will 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 CBN Naira 4 Dollar scheme is expected to run for two months, from Monday 8 March 2021 to Saturday 08 May 2021.

READ THE FULL CIRCULAR