In another move expected to reduce pressure on the nation’s fast-depleting foreign exchange reserves, the Central Bank of Nigeria (CBN), on Friday announced the introduction of what it tagged “Naira 4 Dollar Scheme,” as an incentive to incentivize sending and receiving international money transfers.

Under the scheme which will hold from Monday, March 8, to Saturday, May 8, 2021, “all recipients of diaspora remittances through the CBN licensed IMTOs shall henceforth be paid N5 for every USD received as remittance inflow.”

This, the CBN said in a circular by A.S. Jibrin, for the Director, Trade & Exchange Department, is in an effort to sustain and encourage an increase in inflows of diaspora remittances into the country.

Explaining further, the circular said “the CBN shall, though commercial banks, pay to remittance recipients the incentive of N5 for every USD remitted by sender and collectd by designated beneficiary.

“This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank, or transfer same into their domiciliary account,” following which recipients of diaspora remittances will now receive both the USD sent from abroad and an additional N5 per USD received.