Naira 4 Dollar Scheme | The Central Bank of Nigeria (CBN) introduces 5 Naira for every 1 US dollar called Naira 4 Dollar Scheme, It is as a result to sustain the encouraging increase in inflows of diaspora remittances into the country. read more.
CBN Naira 4 Dollar Scheme for Diaspora Remittances — an incentive for senders and recipients of International Money Transfers which is expected to run for 3 months, beginning from Monday 8 March 2021 and ends on Saturday 08 May 2021. University of Edinburgh Organize Mastercard Foundation Scholars Program 2021
How do you understand CBN Naira 4 Dollar Scheme? It means that Nigerians will Receive 5 Naira for every 1 US dollar send to them from abroad by family members. for example, if you receive 100USD you will multiple 5 by 100 which will give you an additional N500. Tony Elumelu Foundation Get Up To $5000 Grant – How To Apply
According to CBN, 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”, an incentive for senders and recipients of international Money Transfers
Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.
In fight 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. This incentive 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 domicilary account. Tomato Jos Recruitment 2021/ How To Apply
In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received
Having discussed with banks and IMTOs, CBN said the scheme takes effect from Monday 8 March 2021 and ends on Saturday 08 May 2021.
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