Alert: Central Bank of Nigeria Circular TED/FEM/PUB/FPC/01/003

Title: Introduction of the CBN's "Naira 4 Dollar Scheme" for Diaspora Remittances

Summary: The Central Bank of Nigeria has introduced the "CBN Naira 4 Dollar Scheme" to incentivize senders and recipients of international money transfers. Recipients of diaspora remittances through CBN licensed IMTOs will receive N5 for every USD received, regardless of whether they collect the cash or transfer it into their domiciliary account. The scheme is effective from March 8, 2021, to May 8, 2021.

Posted on: Saturday, March 06, 2021

Download: TED/FEM/PUB/FPC/01/003