CBN to reward USD remittances with N5 per USD

The Central Bank of Nigeria CBN said it will pay an additional N5 per USD to recipients of money transfer from Nigerians living abroad through CBN approved money transfer channels. In a circular to Banks, International money transfer Operators the CBN said “In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria, hereby announces the introduction of  the “CBN Naira 4 dollar scheme” an incentive for senders and recipients of international money transfer. 

“Accordingly, all recipients of diaspora remittances through CBN licenced

IMTOs, shall henceforth be paid N5 for every dollar received as remittance inflow. In the light of this, the CBN shall, through the commercial banks pay to remittance recipients N5 for every USD1 received by sender and collected by designated beneficiary. The 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 to their domiciliary account.

In effect, a typical recipient of a diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.

“Please note that having discussed with banks and IMTOs, the scheme takes effect from Monday 8 March 2021 and ends on Saturday 8 May 2021”.