CBN introduces N5 incentive per dollar for diaspora remittances



The Central Bank of Nigeria (CBN) Saturday a incentive to encourage inflow of remittances.

The incentive, tagged “ 4 Scheme”, was announced in a circular signed by Saleh Jibrin, CBN ‘s Director, Trade and Exchange Department.

Jibrin said that the scheme, which would run between March and May, would allow all recipients of remittances to be paid N5 for every one received.

He said that beneficiaries would get the incentive, whether they collect the remitted dollars as cash across the counter or through their domiciliary .

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

“In an effort to sustain the encouraging inflows of 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 received.

“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 Saturday May, 8,” he said. (NAN)