Home Business Why CBN introduced ‘Naira 4 Dollar Scheme’?
BusinessNews

Why CBN introduced ‘Naira 4 Dollar Scheme’?

Share
CBN Governor, Godwin Emefiele
Share

By Chioma Obinagwam

In an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, Nigeria’s apex monetary authority, the Central Bank of Nigeria (CBN) has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Operators (IMTOs) licensed by the bank.

Confiance News gathered from the official Twitter handle of CBN.

“#CBN strives to constantly improve our remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients,” it disclosed.

The Scheme, which will take effect on the 8th of March 2021, will help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.

The new forex policy, the apex bank noted, will create an easier, more flexible, and more transparent, system of remittance administration.

The CBN added that it will greatly enhance the benefits of diaspora remittances in supporting investments and growth in Nigeria.

“Policy on the administration of remittance flows is aimed at increasing the transparency of remittance inflows, reducing rent-seeking activities, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria,” it stated.

“The use of reimbursements of remittance fees has been critical in supporting improved inflow of remittances to countries in South Asia and in improving their balance of payments position following the COVID-19 pandemic,” it continued.

Please follow and like us:
Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Member

Don't Miss

‎NCC, CBN announce 30-second refunds for failed Airtime, data transactions‎

‎By Chioma Obinagwam‎‎In a major boost for telecom consumers, the Nigerian Communications Commission (NCC) and the Central Bank of Nigeria (CBN) have finalized...

‎Why Nigeria’s new tax regime will fail without public trust

By Blaise Udunze‎‎Millions of Nigerian citizens are watching with cautious anticipation as the federal government begins implementing its far-reaching 2026 tax reforms. This...

Related Articles

‎NCC, CBN announce 30-second refunds for failed Airtime, data transactions‎

‎By Chioma Obinagwam‎‎In a major boost for telecom consumers, the Nigerian Communications...

‎Why Nigeria’s new tax regime will fail without public trust

By Blaise Udunze‎‎Millions of Nigerian citizens are watching with cautious anticipation as...

Nestlé Nigeria confirms infant formula products safe, not affected by global recall‎

By Chioma Obinagwam‎‎Nestlé Nigeria has assured consumers that its infant formula products...

‎NNPC’s $1.42bn, N5.57trn Debt Write-Off and Test of Nigeria’s Fiscal Governance‎

By Blaise Udunze‎‎When the Federal Government approved the write-off of about $1.42...