The Apex bank of Nigeria, Central Bank of Nigeria, CBN, has declared a new “CBN Naira for Dollar Scheme ”for senders and receivers of International money transfers.

The Central Bank of Nigeria, CBN, said in a statement announced by its Director, Trade and Exchange Department, A.S Jibrin, that it will via commercial banks pay to remittance recipients the Incentive of N5 for every USD1 deposited by the sender and received by the particular beneficiary.

It was also said that the incentive is to be paid to the recipients’ whether they choose to collect the USD as cash or as a transfer into their domiciliary account.

“In its efforts to sustain the increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria, CBN hereby announces the introduction of the “CBN Naira 4 Dollar Scheme” an initiative for senders and recipients of International Money Transfers.

“Accordingly, all recipients of diaspora remittances through CBN licensed IMTOS shall henceforth be paid N5 for every USD 1 received as remittance inflow.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 8 May 2021,” the statement said.

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