CBN starts Naira for Dollar scheme

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The central bank of Nigeria has introduced a scheme called the Naira for Dollar scheme. This is a scheme where dollar remittances paid into a particular account attracts an additional credit alert for each $1 received.

The circular which was earlier released was specifically targeted at Deposit Money Banks(DMBs), International Money Transfer Operators (IMTOs) and the general public.

Basically, this means that for each $1 paid into an account, an additional N5 will be received into the same account which is facilitated by the Central Bank of Nigeria.

For instance, if someone sends you $1000, you get an additional amount of N5,000. If $10,000 is sent, a special amount of N50,000 is received . E.t.c.

However, to be qualified for this, the transaction, that is, the Diaspora remittances has to be received and processed via one of the registered International Money Transfer Operators (IMTOs) and the money has to be received into a bank account registered with Deposit Money Banks (DMBs).

This scheme is to last from Monday, 8th of March 2021 to Saturday 8th May 2021 and is sponsored by the Central Bank of Nigeria.

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