The Central Bank of Nigeria (CBN) has announced the ‘Naira 4 Dollar Scheme’ to encourage diaspora remittances into the country.
The policy that targets to ensure that more Nigerians abroad send their earnings home has a special package of N5 benefit for every dollar sent or received.
As a Nigerian from abroad sends money back to the country, such gets N5 benefit for every dollar, while the reciever in the country also enjoys the same incentives.
It was made known in a memo of March 5, 2021 by AS Jibrin for the Director of Trade and Exchange and addressed to all deposit money banks for implementation.
The measure is one of the strategies the CBN plans to implement to attract more income into the country that is battling real economic crisis and shrinking productivity and earnings.