*Apex bank to pay recipients of diaspora remittances N5 for every $1 received
To boost and sustain inflows of diaspora remittances into the country, the Central Bank of Nigeria will henceforth pay recipients of diaspora remittances through CBN licensed IMTOs N5 for every $1 received as remittances inflow.
In a statement weekend, the apex bank announced the introduction of “CBN Naira 4 Dollar Scheme” as incentive for senders and recipients of international money transfers.
The statement signed by A.S. Jibrin for the Director, Trade and Echange Department read: “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’, and incentive for senders and recipients of International Money Transfers.
“Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henforth be paid N5 for every USD1 received as remittance inflow.”
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