CBN  INTRODUCES N5 INSECTIVE PER DOLLAR FOR DIASPORA REMITTANCE

CBN INTRODUCES N5 INSECTIVE PER DOLLAR FOR DIASPORA REMITTANCE

To encourage inflow of diaspora remittances, on Saturday, the central bank of Nigeria (CBN) introduced a new incentive, the incentive Tagged “Naira 4 Dollar scheme”

The director, trade and exchange department. Saleh Jibrin, announced the policy in a circular signed on Saturday.

The scheme, which would run between March to May, would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.

Jibrin, said the beneficiaries would get the incentive, wither they collect the remitted dollar’s as cash across the counter or through their domiciliary accounts.

Jibrin instructed all commercial bank and international money transfer operation (IMTOs) to ensure the scheme takes effect from Monday.

“In an effort to sustain the encouraging inflow of diaspora remittance into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international money transfers”

“All recipients of diaspora remittance through CBN licensed IMTOs shall henceforth get N5 for every one US 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 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 “said jibrin.

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