CBN Targets More Diaspora Remittances, Launches Naira For Dollar Scheme

CBN Gives Banks Three Months To Submit Recapitalization Plan

From Segun Amure, (The New Diplomat’s Abuja Bureau)

To woo more diaspora remittances to the country, Nigeria’s apex bank, the Central Bank of Nigeria (CBN), Saturday launched a forex promo.

The initiative ‘CBN Naira 4 Dollar Scheme’ aims to pay naira to senders and recipients of international money transfers.

This development was contained in a circular signed by Saleh Jibrin, CBN‘s Director, Trade and Exchange Department.

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The policy focuses on boosting dollar supply in the country, at a time of foreign exchange crunch that has forced the central bank to devalue the naira more than once in a year.

According to the bank, the scheme would sustain the encouraging inflows of diaspora remittances into the country.

The instructions to all commercial banks and International Money Transfer Operators (IMTOs) is to ensure that the scheme takes effect from Monday.

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The statement reads, “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.

“All recipients of diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one US dollar received.

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“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 the same into their domiciliary account.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday, March, 8 and will end on Saturday, 8 May, 2021”

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