Regulatory Alerts2021-03-06 | TED/FEM/PUB/FPC/01/003Introduction of the CBN's "Naira 4 Dollar Scheme" for Diaspora Remittances
The Central Bank of Nigeria introduces the "CBN Naira 4 Dollar Scheme," offering an incentive of N5 for every USD1 received as a diaspora remittance inflow through licensed IMTOs. This scheme, effective from March 8 to May 8, 2021, aims to encourage increased inflows of diaspora remittances into the country. The incentive will be paid to recipients regardless of whether they choose to collect the USD as cash or transfer it to their domiciliary account.
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monetary