On the 6th of March 2021, CBN took to its Twitter handle stating that it has introduces the CBN’s “Naira 4 Dollar Scheme"for Diaspora Remittances — an incentive for senders and recipients of International Money Transfers which is expected to run for 3 months, beginning from Monday 8 March 2021 and ends on Saturday 08 May 2021.
What the CBN Naira 4 Dollar Scheme Means is that Nigerians will Receive 5 Naira for every 1 US dollar send to them from abroad by family members. for example, if you receive 100USD you will multiple 5 by 100 which will give you an additional N500. Read details below:
According to CBN, in an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria (CBN) hereby announces the introduction of the “CBN Naira 4 Dollar Scheme”, an incentive for senders and recipients of international Money Transfers. Read also FG Approved New Tech Platform Design For Npower And Other NSIP Programmes
Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.
In fight 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. 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 domicilary 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. See also Photo Of The First Nigeria To Receive Covid-19 Vaccine
Having discussed with banks and IMTOs, CBN said the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.