CBN brands Naira 4 Dollar scheme a success, shares N2bn monthly to Nigerians abroad

The Central Bank of Nigeria (CBN) on Thursday described as huge success the Naira4Dollar Scheme launched last year to encourage Diaspora remittance through official channels.

The CBN Governor, Godwin Emefiele, stated this after the virtual bankers’ committee meeting.

He said since the scheme was initiated, it has recorded 1,566.6 percent increase in Diaspora remittance.

Emefiele said: “Before the promo deposit money banks, International Money Transfer Operators (IMTO) in the country processed $6 million per week but the figure has jumped to $100 million weekly.”

The CBN on March 8, 2021, introduced the Naira 4-dollar scheme as an incentive to boost inflows of diaspora remittances into the country and Nigeria’s external reserves.

READ ALSO:CBN announces new decision on Naira for dollar promo

The promo which was also intended to discourage the adoption of higher black market foreign currency rates was expected to end May 8, 2021 but extended indefinitely.

For every dollar sent home by a Nigerian abroad, there is a N5 gift.

Therefore, for $1 million sent home, the sender gets N5 million in return.

$100 million weekly remittance will attract N500 million while N1 billion in 2 weeks will attract a reward of N2 billion in a month.

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