CBN extends Naira 4 dollar incentive for diaspora remittances

Looking for job? your search ends here! Visit https://recruitmentportalngr.com/  to apply now OR Send us a WhatsApp Message here!




CBN extends Naira 4 dollar incentive for diaspora remittances – The Central Bank of Nigeria (CBN) has announced an extension to its Naira 4 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 CBN introduced the scheme on March 5, and scheduled to terminate it on May 8.

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

Read also: Fidelity Bank Upbeat on Diaspora Remittances 

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)




Do you need high paying jobs in Nigeria? If yes Submit your CV here and stand a chance of landing your dream job!

About Sam Gabriel 1291 Articles
Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Be the first to comment

Leave a Reply

Your email address will not be published.


*