The continuation of “Naira 4 Dollar Scheme” – an incentive for senders and recipients of international money transfers until further notice has been announced by the Central Bank of Nigeria (CBN).<\/p>\n
Recall that the apex bank on March 5 introduced the scheme in a major effort to drive diaspora remittances.<\/p>\n
CBN said recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) shall henceforth be paid N5 for every $1 received as remittance inflow.<\/p>\n
The scheme was initially scheduled to run from March 8 to May 8.<\/p>\n
But in a circular released by the apex bank on Wednesday, CBN said the deadline for receiving the $1 bonus has been extended till further notice.<\/p>\n
The circular, signed by A. S. Jibrin, director of trade and exchange at the CBN, noted that operations of the scheme remain the same.<\/p>\n
\u201cFurther to the CBN circular referenced TED\/FEM\/PUB\/FPC\/01\/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice,\u201d the circular read.<\/p>\n
\u201cAll aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.\u201d<\/p>\n
Following the double-whammy impact of the pandemic and declining oil prices in 2020, Nigeria\u2019s foreign exchange (FX) earnings suffered a sharp decline. This has forced the apex bank to look for alternative sources to boost the nation\u2019s FX earnings through diaspora remittances.<\/p>\n
Recall that the CBN in November 2020 announced that beneficiaries of diaspora remittances\u00a0through the international monetary transfer operators (IMTO) will have such inflows in foreign currency (US dollar) through the designated bank of their choice.<\/p>\n
The CBN had said the changes are necessary to deepen the FX market, provide more liquidity and create more transparency in the administration of Diaspora remittances into Nigeria.<\/p>\n","protected":false},"excerpt":{"rendered":"
The continuation of “Naira 4 Dollar Scheme” – an incentive for senders and recipients of international money transfers until further notice has been announced by the Central Bank of Nigeria (CBN). Recall that the apex bank on March 5 introduced the scheme in a major effort to drive diaspora remittances. CBN said recipients of diaspora […]<\/p>\n","protected":false},"author":17,"featured_media":30362,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[2],"tags":[7585,1172,5332,295,7584],"class_list":["post-30361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-cbn-licensed-international-money-transfer-operators-imtos","tag-central-bank-of-nigeria","tag-dollars","tag-naira","tag-naira-4-dollar-scheme"],"yoast_head":"\n