CBN Introduces New Policy, To Pay N5 Bonus For Every $1

The Central Bank of Nigeria (CBN) has introduced a “Naira 4 Dollar Scheme” – an incentive for senders and recipients of international money transfers.

The Apex bank made this known in a circular to international money transfer operators seen by Naija News.

According to the CBN, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every $1 received as remittance inflow.

“In light 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,” the bank said.

“This incentive is to be paid to recipients 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 domiciliary account.”