Under the 'Naira for Dollar' scheme, receivers of money sent from abroad are paid an extra 5 naira for every dollar received/Photo: Ecobank

Nigeria extends ‘Naira for Dollar’ incentive for diaspora remittances

The Central Bank of Nigeria (CBN) has announced an extension of its ‘Naira 4 Dollar’ incentive to encourage diaspora remittances until further notice. Under the scheme, the Bank pays out a reward of N5 for every $1 of fund remitted to Nigeria through money transfer companies.

The apex bank announced the extension on Wednesday (5 May) 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 it to terminate 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.

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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.

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