CBN introduces new scheme to boost diaspora remittances

March 6, 2021
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From Uche Usim, Abuja

The Central Bank of Nigeria (CBN) at the weekend unveiled the “CBN Naira 4 Dollar Scheme”, an inducement for receivers and senders of electronic offshore fund transfers.

This move aims at stimulating the international transfers and boosting diaspora remittances in the process.

The apex bank in a statement said all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow.

It added: “In light of this, the CBN shall, through commercial banks , pay to remittance recipients the incentive of N5 for every USD1 remitted by sender and collected by designated beneficiary,” the statement read.

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

The Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, in December 2020, revealed that the apex bank was eyeing close to $2 billion monthly from diaspora remittances, which prompted it to unveil new policy measures in the country’s remittance programme.

The measures included the internal review of the operations of International Money Transfer Operators (IMTO) in the country and the potential impact improved flows could have on the economy.

On the possibility of the new rule promoting money laundering, Emefiele dismissed such insinuations, explaining that offshore IMTO operators like Western Union, MoneyGram and RIA are properly licensed and regulated.


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