11 months ago
634
  • N5 for every USD1 received as remittance inflow

The Central Bank of Nigeria, CBN has introduced “NAIRA 4 DOLLAR SCHEME” for diaspora remittances in an effort to sustain the encouraging increase in inflows of diaspora remittances into the country beginning from Monday, March 8, 2021 to Saturday, May 8, 2021.

A memo signed by the Director of Trade and Exchange Department Jibrin A. S.  said, “the introduction of the ‘CBN Naira 4 Dollar Scheme’ is an incentive for senders and recipients of International Money Transfers.”

“Accordingly, all recipients of diaspora remittances through CBN licensed International Money Transfer Operators, IMTOS shall henceforth be paid N5 for every USD1 received as remittance inflow.”

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

“In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received. The scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.”

Business Updates

A Comparative Trade Dress Protection of India and America

By Tripti Bhushan The Indian law doesn't have an alternate game plan for the trade dress under its present trademark establishment, not in the slightest degree like the US law which sees the thought trade dress under Section 43(a) of...

2

Everybody loves Jewelry

3

Applied Market Information marks 15years of expo in the US

4

Plastics Recycling World Expo opens in Cleveland November 3

Subscribe for latest updates

We don’t spam! Read our privacy policy for more info.