CBN Extends Naira For Dollar Incentive For Diaspora Remittances

The Central Bank of Nigeria (CBN) has announced an extension of its Naira for dollar incentive to encourage diaspora remittances till further notice.

The apex bank announced the extension on Wednesday through a memo by Saleh Jibrin, Director of Trade and Exchange Department, addressed to Deposit Money Banks (DMBs), International Money
Transfer Operators (IMTOs) and the general public.

Jibrin said that all aspects of the operationalisation of the scheme were to remain the same.

The News Agency of Nigeria (NAN) reports that the CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.

Jibrin had said that the scheme would allow all recipients of diaspora remittances to be paid N5 for every one dollar received.

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

He instructed all DMBs and IMTOs to ensure that the scheme took effect.

“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.

“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,” he had said. (NAN)