Naira For Dollar Scheme Explained By CBN

-The CBN recently introduced the Naira for Dollar Scheme, an incentive for money senders from abroad

-This initiative will pay a remittance of N5 to people for every $1 received

-The CBN developed this initiative as means of using foreign remittance to reduce currency devaluation

When the CBN introduced the Naira for dollar scheme for Nigerians in Diaspora, a lot of Nigerians struggled to understand the concept.

The Apex Bank released a series of tweets explaining the initiative to Nigerians.

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1. The CBN is aiming to ensure that remittance flows and investments from diaspora become a source of financing.

There is a belief that foreign remittance will boost dollar liquidity.

2. Receivers of the funds will get a rebate of N5 for every 1 dollar received.

3. It is believed that this new measure will make it cheaper and more convenient to send more from diaspora.

Instead of excess transfer charges, you get extra money after receiving funds

4. The policy will allow CBN to track remittance inflows from Nigerians in diaspora.