The Central Bank of Nigeria to introduce new scheme for diaspora remittances

Tuesday 9 March 2021 10:46 CET | News

The Central Bank of Nigeria has explained that its new Naira 4 Dollar Scheme seeks to make remittance through formal bank channels more convenient for Nigerians in the diaspora.

The new scheme will allow recipients of diaspora remittances through CBN's money transfer operators to earn a rebate of N5 for every USD 1 received as remittance inflow.

The bank said the new FX policy will create a more transparent system of remittance administration. It noted that PwC forecasts suggest that Nigeria's remittance flows could reach USD 34.89 billion by 2023.

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Keywords: remittances, banks, money transfer
Categories: Banking & Fintech | Payments General
Countries: Nigeria
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