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CBN Extends Payment of N5 for Every $1 Diaspora  Remittance

The Central Bank of Nigeria (CBN) has announced its extension of  “Naira 4 Dollar Scheme”  till further notice. The scheme is an incentive  by the bank for senders and recipients  of international money transfers.

The scheme was introduced by the apex bank on March 5 as part of the efforts to drive diaspora remittances.

CBN stated that the recipients of diaspora remittances through CBN-licensed international money transfer operators (IMTOs) shall be paid N5 for every $1 received as remittance inflow.

The scheme was originally scheduled to run from March 8 to May 8.

But in a circular released on Wednesday, CBN said the deadline has been extended till further notice.

“Further to the CBN circular referenced TED/FEM/PUB/FPC/01/003 dated 05 March 2021 on the above subject matter, which was originally scheduled to end on 08 May 2021, we hereby announce the continuation of the scheme until further notice,” the circular read.

“All aspects of the operationalization of the programme remain the same. Please take note and ensure compliance.”

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