C BN St ages Promo To Boost Diaspora Remitt ances

THE Central Bank of Nigeria ( CBN), at the weekend, took a seemingly desperate option against the stubborn foreign exchange crisis; unveiling a new promotional campaign that would see recipients of diaspora remittances earn extra incomes.

In a circular addressed to banks, the international money transfer operators ( IMTOS) and the public, the regulator unveiled a new scheme tagged ‘ CBN Naira 4 Dollar Scheme,’ akin to the traditional end of year sales promo.

The promo, aimed at boosting diaspora remittances and foreign exchange liquidity, will see diaspora remittance recipients earn an extra N5 for every dollar wired home through the official window, as against the more lucrative black market.

The memo dated March 5, 2021, but released yesterday read: “In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, 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.”

The bonus, according to the circular, would be paid by CBN through the IMTO agents ( money deposit banks).

“In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the 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 domiciliary account.