CBN “Naira 4 Dollar Scheme”: Get Alert Of N5 For Every $1 Received
CBN “Naira 4 Dollar Scheme”: Get Alert Of N5 For Every $1 Received: The Nigerian Central Bank has given the go-ahead-order for International Money Transfer Operators (IMTO), Deposit Money Banks (DMBs), and others to make remittances into a bank account with N5 credit alert for every $1 received
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Who is eligible?
- To be eligible, the diaspora remittances need to be processed and received from one of the registered IMTOs
- Funds received into a Bank account operated by the DMBs.
- If you are receiving funds via Crypto sorry you are not eligible
How will this be funded?
- The circular notes that the “CBN shall through commercial banks, pay to recipients the N5 incentive for every USD$1”.
- In other words, it is the CBN funding the cost of this special extra credit.
- One would argue that given the costs of alternative incentives to attract dollars such as the special OMO window for FPI, this may be a cheaper alternative for the CBN.
- But we will need to see the volume of expected remittance to be certain of that.
- Nigeria attracts about $5billion per quarter in remittances and only trails oil in terms of foreign earnings.
Why this matter to Nigerians?
“Following the collapse of US Dollar inflows into the country, the CBN initially tried to balance its current account deficits and avoid an official devaluation by tackling FOREX demand (Think ban of 41 items, etc).
The circular is not clear how exactly the commercial banks will know which account to pay the extra special credits into. Although, that may be a question diaspora funds recipients will need to ask their DMB accounts officers to clarify for them”-nairametrics
Closing Date
The “incentive runs from Monday 8th March 2021 to Saturday 8th May 2021″
Source: CBN “Naira 4 Dollar Scheme” Explained | Nairametrics