The Central Bank of Nigeria (CBN) disclosed, through its official Twitter handle, that there is an introduction of a New Currency Scheme called the “CBN Naira 4 Dollar Scheme” which is meant for diaspora remittance. Also check out how to access CBN loan for businesses in Nigeria.
The CBN Naira 4 Dollar Scheme is actually an incentive for receivers and senders of foreign currency transfer, and it will run for a duration of three (3) months. This means that it will commence from March 8 to May 8 2021.
The new CBN Scheme actually means that; recipient of dollar will be compensated with a token in naira i.e. when a Nigerian receives one United States Dollar ($1) from friends, family members or any money transfer agent, such person will be given five naira (N5) in addition.
For instance, if you reside in Lagos and receive $100 from your family abroad, you will be given five hundred naira (N500) bonus, in addition to your $100.
From the update, anyone who receives a dollar from now on will be given five naira (N5) as remitance inflow, as long as the money comes through CBN licensed IMTOs.
This additional amount (incentive) will be paid to recipients via commercial banks, either from counter as cash or transfer to their domicilary account.
The Central Bank of Nigeria (CBN) who have fully stamp this order to commence immediately, had successfully discussed with banks and IMTOs, to enable them comply with the ‘CBN Naira 4 Dollar Scheme’.
Conclusively, all recipients of diaspora remittance will from henceforth, starting from Monday 8th of March 2021 receives the exact amount of dollars sent to them, and the additional incentive of five naira (N5) instantly from any commercial banks operating in the country.
How to benefit from CBN Naira 4 Dollar Scheme
It is simple! Just ask anyone you know residing abroad to send United States Dollars to you in Nigeria. It can be direct to your domiciliary bank account or through money transfer agents such as MoneyGram, WorldRemit, Western Union, etc.