“Send A Dollar Get Five Naira Free”: CBN Launches Forex Promo

Send a dollar Get five Naira free: The Nigerian Central Bank has launched the “Naira 4 Dollar Scheme,” which rewards senders and recipients of international money transfers with naira.

The policy aims to increase dollar supply in the country at a time when the country is experiencing a foreign exchange shortage, forcing the central bank to devalue the naira more than once a year.

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Recipients of diaspora remittances sent through the CBN’s International money transfer operators (IMTOs) will now be paid N5 for every $1 received in remittance inflow, according to the bank.

The bank made the announcement in a circular sent to all DMOs and IMTOs on March 5 and signed by A.S Jibrin, Director, Trade and Exchange Department.

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The scheme, according to the bank, is an incentive to keep the encouraging increase in diaspora remittances into Nigeria going.

The programme begins on March 8 and ends on May 8.

“In light of this, the CBN will pay remittance recipients a N5 incentive through commercial banks for every $1 sent by the sender and collected by the designated beneficiary. The incentive will be paid to recipients whether they prefer to collect the USD in cash at the bank or have it transferred to their domiciliary account, according to the memo.

Observations
Some Nigerians have questioned the move, claiming that it will exacerbate the naira’s depreciation.

“Isn’t this just printing more naira and devaluing it further against the dollar?” @gb3nga, a Twitter user, tweeted.

# CBN launches forex promo # Send a dollar Get five Naira free