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Diaspora Remittances: CBN announces Naira for dollar incentive

The Apex bank, the Central Bank of Nigeria (CBN) says henceforth there will be  an extension to its Naira 4 dollar incentive to encourage diaspora remittances till further notice.

The intimation was made  through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and the general public.

Jibrin said that all aspects of the operationalisation of the scheme were to remain the same.

The  CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.

Jibrin had said that the scheme would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.

He said that beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary accounts.

He instructed all DMBs and IMTOs to ensure that the scheme took effect.

“In an effort to sustain the encouraging inflows of diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international Money Transfers.

“This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.

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

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