Remittance: CBN’s Naira for Dollar Scheme kicks off

The Central Bank of Nigeria has said its new ‘Naira for Dollar Scheme” would make sending of money from Diaspora to the country easier and more cheaper.
It was learnt that the policy takes effect from today.
The content of the policy says there will ne gi N5 rebate for every $1 sent by Nigerians in the diaspora to the country
In addition, the funds will be paid directly to the account of beneficiaries, following receipt of the remittance inflows.
The CBN governor, Godwin Emefiele, made this remark  during Fidelity Bank’s Inaugural Diaspora Webinar on the New FX Policy on Diaspora Investments.
Acccording to Emefiele, the aim of the policy to increase the transparency of remittance inflows and reducing rent-seeking activities.
He added the he is of the view that the new policy measure will encourage all financial institutions to develop products and investments vehicles that would attract investments into the country.
Emefiele added that the bank introduced the rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Operators (IMTOs)
He noted that the policy would go a long way in making the process of sending remittance through banks cheaper and more convenient for Nigerians abroad.
He said: “Countries in South Asia such as Pakistan and Bangladesh are aware of this impact and they introduced reimbursement schemes to support inflows. In Pakistan the scheme which is known as free send has enabled record amount of inflows of over $2 billion a month even during the COVID pandemic.
“Bangladesh introduced its own scheme in June 2019, which is a 2 percent rebate on remittance inflows. Following this action, they have also seen a 20 percent boost in remittance inflows,” he explained.

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