CBN Introduces New Coverage, To Pay N5 Bonus For Each $1

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

The Apex financial institution made this acknowledged in a spherical to worldwide cash change operators seen by Naija News.

In line with the CBN, all recipients of diaspora remittances by means of CBN licensed IMTOs shall henceforth be paid N5 for each $1 obtained as remittance influx.

“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 financial institution acknowledged.

“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.”

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