“Send a dollar, get five naira free”: CBN launches forex promo

Godwin Emefiele, CBN Governor: speaks on CACOVID plans for Nigeria
CBN

The Central Bank of Nigeria (CBN) on Saturday introduced a “Naira 4 Dollar Scheme”, an incentive that pays naira to senders and recipients of international money transfers.

This was announced in a circular signed by Saleh Jibrin, CBN‘s Director, Trade and Exchange Department.

The policy is aimed at boosting dollar supply in the country, at a time of foreign exchange crunch that has forced the central bank to devalue the naira more than once in a year.

According to the bank, recipients of diaspora remittances through CBN’s International money transfer operators (IMTOs) will now be paid N5 for every $1 received as remittance inflow.

Jibrin instructed all commercial banks and International Money Transfer Operators (IMTOs) to ensure that the scheme takes effect from Monday.

“In an effort to sustain the encouraging inflows of diaspora remittances into the country, the CBN hereby announces this scheme as an incentive for senders and recipients of international Money Transfers.

“All recipients of diaspora remittances through CBN licensed IMTOs shall henceforth get N5 for every one US dollar received.

“This incentive is to be paid to recipients whether they choose to collect the dollar as cash across the counter in a bank or transfer same into their domiciliary account.

“Having discussed with banks and IMTOs, the scheme takes effect from Monday, March, 8.”

4 COMMENTS

  1. This CBN Governor should just go. He has ran out of ideas or he does not know what he is doing. Buhari should just allow the man go and run the new bank that he opened. He is distracted. Very soon he will bring nude dancers to perform to keep the shop open…. This new policy is an act of desperation

  2. The federal government of Nigeria is seemingly crooked, insensitive and outrightly directionless and confused about how to boost the economy.

    The other time it was reported they are printing money indiscriminately to finance the budget.

    Prior to that, their obnoxious attempt to take over all the money in dormant accounts in all the banks in Nigeria was well documented.

    If the central bank of Nigeria CBN and Nigerian government are desirous of getting diasporas dollars via the central bank of Nigeria, they must bridge the disparity between the official exchange rate and the rates at the pararell market.

    The 5 naira to a dollar is far much below the difference between the official rate and the rates at the pararell market.

    I would rather get the extra cash at the pararell market than patronize the federal government.

    It’s only in Nigeria that the difference between the official rate of the local currency and the rates at the pararell market is as high as double digits.

    What a corrupt government. What a country. What a situation. I take a stroll. Nonsense.

  3. No, l will no longer send dollars to my account since you want me to collect it in Naira. This was the same system introduced before by the misguided Governor of Central Bank, Nigeria. He just coloured it with #4 or #5 to a dollar. Giving me #4,000 or #5,000 to $1,000 sent is not encouragement. If l am operating Naira let me draw in Naira and if Dollars account let me draw in dollars. Those who are interested in the new regulations please do, but for me, no way.

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.