Why we introduced Naira 4 Dollar Scheme – CBN

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The Central Bank of Nigeria has explained the reason for the introduction of the Naira 4 Dollar Scheme for Nigerians in the diaspora who are seeking to send money into Nigeria.

The apex bank had announced this new scheme to encourage the increase in inflows of diaspora remittances in the country.

In a series of tweets, the CBN notes that consistent with the global trend, Nigeria aspires to ensure that remittance flows and diaspora investments become a significant source of external financing.

The bank adds that in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the Diaspora, it introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the CBN.

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The governor of the central bank of Nigeria, Mr. Godwin Emefiele also notes that policy on the administration of remittance flows is aimed at increasing the transparency of remittance inflows, reducing rent-seeking activities, and providing Nigerians in the diaspora with cheaper and more convenient ways of sending remittances to Nigeria.

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