The Central Bank of Nigeria (CBN) has said that its new “CBN Naira 4 Dollar Scheme”, is aimed at providing Nigerians abroad with cheaper and more convenient ways of sending remittances to the country.
CBN Governor,Mr Godwin Emefiele stated this at the weekend while delivering the keynote address at Fidelity Bank’s Inaugural Diaspora Webinar on the “Implications and Impact of the New FX Policy on Diaspora Investments”.
He explained that the move was also to increase the transparency of remittance inflows and reducing rent-seeking activities,
He expressed optimism that the new policy measure will encourage banks and financial institutions to develop products and investments vehicles geared towards attracting investments from Nigerians living abroad.
The added that the the new policy is expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.
He explained that the apex bank introduced the rebate of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Operators (IMTOs) licensed by the Central Bank in order to incentivise the process of remittance.
He explained that the rebate will be provided to the bank accounts of beneficiaries following receipt of remittance inflows.
Emefiele emphasised that the new measure would help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora.
21900cookie-checkCBN Explains Benefits Of ‘Naira 4 Dollar Scheme’
