CBN introduces new incentive to encourage diaspora remittances

March 6, 2021
1 Views

https://onlinenigeria.com/wp-content/uploads/2021/03/cbn-introduces-new-incentive-to-encourage-diaspora-remittances-1.jpg

The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country.

The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received.

The scheme, according to him, will run from March 8 to May 8.

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

The CBN official directed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.

Jubrin said: “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.

“All recipients of Diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one United States dollar received.

“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 the 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.”

image

You may be interested

Providing infrastructure for herders not as easy as stuffing dollars in clothes, Miyetti Allah
News
1 views
News
1 views

Providing infrastructure for herders not as easy as stuffing dollars in clothes, Miyetti Allah

Webby - March 24, 2021

The Miyetti Allah Kautal Hore has attributed the rising cases of banditry in the country to the failure of governors…

2023: Miyetti Allah reveals those creating problem for Tinubu’s presidential ambition
News
1 views
News
1 views

2023: Miyetti Allah reveals those creating problem for Tinubu’s presidential ambition

Webby - March 24, 2021

- Miyetti Allah has slammed governors of the southwest region over their position on herdsmen- Saleh Alhassan, the spokesperson of…

Nigeria is in serious danger, falling apart under Buhari — NEF
News
News

Nigeria is in serious danger, falling apart under Buhari — NEF

Webby - March 24, 2021

We need your support to produce excellent journalism at all times. SPOKESPERSON for the Northern Elders Forum(NEF) Hakeem Baba-Ahmed has…

Leave a Comment

Your email address will not be published.