Florence Uwaeme
Have you heard about the new Central Bank of Nigeria’s Naira for Dollar scheme? Here is all you need to know about the new scheme in layman’s English.
Well, the Central Bank of Nigeria announced via a secular released on March 5th 202 to Deposit money banks (DMB) and International Money Transfer Operators (IMTOs) that for every dollar remitted from recognized international money transfer operators (IMTOs) from any part of the world to Nigeria, there will be an incentive of 5Naira per dollar. What this means is that if your relative in the diaspora sends you 100 hundred dollars, for instance, you’ll have to multiple 100×5=500. You’ll be getting an extra 500 plus your exchange equivalent of the money sent.
Here is a list of the recognized IMTOs by the Central Bank of Nigeria; Money Gram, WorldRemit, Remitty, Smallword, Thunes, Homesend, Transfast, and Western Union.
Some facts to note about the scheme
· No matter the currency that is sent to you from the diaspora, you will be paid in US dollars. As a matter of fact, this practice has been on since December 2020.
· This scheme can only be recognized if the remittance is done by one of the recognized IMTOs
· Whether you choose to cash the dollar or send it to your domiciliary account, you will receive your 5Naira incentive still.
· The scheme is slated to start on the 8th of March through the 8th of May.
