The Central Bank of Nigeria (CBN) recently released a circular to International Money Operators, Deposit Money Banks, and the General Public, advising that every remittance paid into a bank account will attract an additional credit alert for every 1 Dollar received.
This might sound absurd, but the CBN plans to facilitate an additional credit alert of N5 for every dollar received. This means that if you’re to receive $10,000, you get an additional credit alert for N50,000.
CBN “Naira 4 Dollar Scheme”: Who is eligible?
To be among those eligible for this scheme, diaspora remittances have to be processed and received from one of the registered IMTOs and your funds must be received in a bank account operated by the DMBs. Therefore, those who happen to be receiving funds via cryptocurrencies are automatically ineligible.
In addition, the circular makes it clear that the incentive will run from Monday, 8th of March, 2021, to Saturday, 8th of May, 2021. If you have plans to receive dollars, you can therefore plan accordingly.
CBN “Naira 4 Dollar Scheme”: How It Will Be Funded
In the circular, the Central Bank of Nigeria stated, “CBN shall through commercial banks, pay to recipients the N5 incentive for every USD$1”. This, therefore, implies that the incentive will be funded by the Central Bank of Nigeria.