• About
  • Privacy & Policy
  • Terms
  • Contact
Breaking News Nigeria, Latest Nigerian News
ADVERTISEMENT
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Lagos

    Lagos unveils 5-year agribusiness roadmap to boost investment, food security

    COVID-19

    COVID-19: Taraba leads as NCDC records 100 new cases

    GTB

    GTB’s profit drops by 9% in Q1 2021

    COVID-19

    COVID-19: Nigeria records no deaths in 9 days

    Senior Police

    Why police chief, Usman-Baba removed senior police officers from EFCC

    Dollar

    Don’t reject any dollar notes, CBN warns banks, BDCs

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    landed property

    Is that land really cheap as advertised? How to know actual cost of a landed property

    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

  • #EndBadGovernance Photo Challenge
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
  • Home
  • News
    • All
    • Business
    • Politics
    • Science
    • World
    Lagos

    Lagos unveils 5-year agribusiness roadmap to boost investment, food security

    COVID-19

    COVID-19: Taraba leads as NCDC records 100 new cases

    GTB

    GTB’s profit drops by 9% in Q1 2021

    COVID-19

    COVID-19: Nigeria records no deaths in 9 days

    Senior Police

    Why police chief, Usman-Baba removed senior police officers from EFCC

    Dollar

    Don’t reject any dollar notes, CBN warns banks, BDCs

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Mobile
    • Startup
    SIM registration

    Nigeria lifts ban on new SIM registration

    Twitter

    3 reasons why Twitter sidelined Nigeria to locate Africa office in Ghana

    Appzone

    Nigerian fintech, Appzone raises $10 million Series A

    Cryptocurrency

    Visa set to start accepting cryptocurrency

    nigerian tech

    Is the Nigerian tech ecosystem on a brink of Dutch Disease?

    Elon Musk

    It’s official, Tesla is accepting payment in Bitcoin

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    • Sports
    Ryan Mason

    MOURINHO: Tottenham appoints Ryan Mason as new interim manager

    UEFA

    UEFA unveils new rules amid rising opposition to new super league

    BREAKING! Tottenham fire Jose Mourinho

    BREAKING! Tottenham fire Jose Mourinho

    Adekunle Gold

    Did Adekunle Gold actually cheat on his wife Simi?

    #eaglewingsmovie

    #EagleWingsMovie: Nigeria’s first true action film pitches duty against love in Boko Haram fight

    22-year-old Nigerian officially becomes the fastest man in the world

    22-year-old Nigerian officially becomes the fastest man in the world

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    omojuwa

    Omojuwa’s weekend is off to a bad start, here is why

    Weekend

    #TGIF! 5 exciting ways to make the most of your weekend

    University of Ibadan

    FG approves N190.5 million for University of Ibadan to purchase microscope to aid research

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    HEATWAVE: 5 tips to stay stylish and cool in this hot weather

    who cheats more

    #VALENTINE SPECIAL: Men or women? Who cheats more? Result of this new study will shock you

    valentine's day

    5 ways to make Valentine’s Day memorable while observing social distancing

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • SMARTKOBO
    landed property

    Is that land really cheap as advertised? How to know actual cost of a landed property

    untitled lands in nigeria

    How to acquire untitled lands in Nigeria without getting into trouble with the government

    real estate investment

    A wrong real estate investment can wipe out your whole life savings. This is how to do it safely

    returned item fee

    #SmartKobo: What is a returned item fee and why was I penalised?

    investment strategies

    #SmartKobo: 6 winning investment strategies to stay ahead in 2021

    pay schedule

    #SmartKobo: Weekly, monthly & more: How your pay schedule affects you

  • #EndBadGovernance Photo Challenge
No Result
View All Result
No Result
View All Result
Breaking News Nigeria, Latest Nigerian News
Home News

Diaspora Remittance: CBN Naira4Dollar Scheme kicks off today

Kehinde Sallah by Kehinde Sallah
March 8, 2021
in News, Business
0
A A
0
Interest rates

Central Bank of Nigeria Governor, Godwin Emefiele Source: Premiumtimesng

Share on FacebookShare on Twitter

Recipients to receive N5/$1

The Central Bank of Nigeria (CBN) new policy to reward recipients of diaspora remittances with N5 for every USD1 received as remittance inflow will take effect today.

According to the CBN in a circular signed by CBN’s Director, Trade and Exchange Department, Saleh Jibrin released at the weekend “all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

“In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary. This incentive is to be paid to recipients whether they choose to collect USD as cash across the counter in a bank or transfer the same into their domiciliary account. In effect, a typical recipient of diaspora remittances will at the point of collection receive not only the USD sent from abroad but also the additional N5 per USD received.”

While delivering the keynote address at the Fidelity Bank’s inaugural Diaspora Webinar on the implications and impact of the new FX policy on Diaspora investments, CBN, Governor, Godwin Emefiele explained that the move was to increase the transparency of remittance inflows and reducing rent-seeking activities.

READ ALSO: Osinbajo disagrees with CBN on cryptocurrency ban, calls for a robust regulatory regime

He expressed optimism that the new policy measure will encourage banks and financial institutions to develop products and investment vehicles, geared towards attracting investments from Nigerians in the diaspora.

Reiterating the provision of a new circular on remittances, Emefiele said the 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 incentivize the process of remittance.

Emefiele emphasized that the new measure would help to make the process of sending remittances through formal bank channels cheaper and more convenient for Nigerians in the diaspora.

Citing cases in other climes, he said the use of reimbursements of remittance fees had been critical in supporting improved inflow of remittances to countries in South Asia and in improving their balance of payments position following the COVID-19 pandemic.

While noting that the average cost of sending $200 worth remittances to Nigeria from the United States was about 4.7 percent, he said studies had shown that even a one percent decrease in the cost of sending remittances could result in a significant boost in inflows.

“Countries in South Asia such as Pakistan and Bangladesh are aware of this impact and they introduced reimbursement schemes to support inflows. In Pakistan, the scheme which is known as free send has enabled a record amount of inflows of over $2 billion a month even during the COVID pandemic.

Commenting on the issue of round-tripping, the bank’s spokesman and Acting Director, Corporate Communications Department, Osita Nwanisobi explained that there was a maximum amount that could be remitted through an IMTO, adding that no customer could send $100,000 through an IMTO.

Though he admitted that the CBN action does not go far enough in offering total reimbursements, Nwanisobi said it was a step in the right direction in reducing the cost burden for Nigerians remitting funds to Nigeria.

While also noting the existence of initial challenges of network integration, Nwanisobi reiterated Emefiele’s assurance that the CBN would continue to work assiduously to resolve the few challenges that were remaining.

Tags: cbnCBN Naira4DollarDiaspora remittancesIMTOs

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

COVID-19: NCDC announces 269 new cases

Next Post

Crude oil prices jump 2 years high to over $70

Next Post
Oil price

Crude oil prices jump 2 years high to over $70

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

  • 2.4k Followers
  • 5 Followers
  • Trending
  • Comments
  • Latest
landed property

Is that land really cheap as advertised? How to know actual cost of a landed property

April 22, 2021
COVID-19

COVID-19: Nigeria records no deaths in 9 days

April 22, 2021
GTB

GTB’s profit drops by 9% in Q1 2021

April 22, 2021
Sanwo-Olu

Lagos rolls out N9B COVID-19 stimulus to support 20,843 households

April 22, 2021
Asylum

IPOB Asylum: UK replies Nigerian government

April 22, 2021
Baba Ijesha

Popular Nollywood actor Baba Ijesha arrested for allegedly defiling 14 years old girl

April 23, 2021
Lagos

Lagos unveils 5-year agribusiness roadmap to boost investment, food security

April 23, 2021
Passport

Why Nigeria reviewed passport processing time to 6 weeks

April 23, 2021
COVID-19

COVID-19: Taraba leads as NCDC records 100 new cases

April 23, 2021
#PantamiMustGo

#PantamiMustGo: Nigeria Presidency throws weight behind minister who professed love for terror groups

April 23, 2021
Baba Ijesha

Popular Nollywood actor Baba Ijesha arrested for allegedly defiling 14 years old girl

April 23, 2021
GTB

GTB’s profit drops by 9% in Q1 2021

April 22, 2021

Recent News

Lagos

Lagos unveils 5-year agribusiness roadmap to boost investment, food security

April 23, 2021
Passport

Why Nigeria reviewed passport processing time to 6 weeks

April 23, 2021
COVID-19

COVID-19: Taraba leads as NCDC records 100 new cases

April 23, 2021
#PantamiMustGo

#PantamiMustGo: Nigeria Presidency throws weight behind minister who professed love for terror groups

April 23, 2021
Breaking News Nigeria, Latest Nigerian News

Follow Us

Subscribe to our newsletter

Please wait...
Want to be notified when our article is published? Enter your email address below to be the first to know.

Browse by Category

  • Apps
  • Athletics
  • Basketball
  • Breaking News
  • Business
  • Business Editor's Pick
  • Business Featured Section
  • EndBadGovernance Photo Challenge
  • Entertainment
  • Fashion
  • Featured
  • Food
  • Football
  • Gaming
  • General
  • Health
  • Lifestyle
  • Mobile
  • Motor Sports
  • Movie
  • Music
  • News
  • Politics
  • Politics Featured Section
  • Review
  • Science
  • SmartKobo
  • Sports
  • Startup
  • Tech
  • Technology
  • Technology Featured Section
  • Uncategorized
  • World

Recent News

Lagos

Lagos unveils 5-year agribusiness roadmap to boost investment, food security

April 23, 2021
Passport

Why Nigeria reviewed passport processing time to 6 weeks

April 23, 2021
COVID-19

COVID-19: Taraba leads as NCDC records 100 new cases

April 23, 2021
#PantamiMustGo

#PantamiMustGo: Nigeria Presidency throws weight behind minister who professed love for terror groups

April 23, 2021
  • About
  • Privacy & Policy
  • Terms
  • Contact

© Copyright Nigeria Today 2020

No Result
View All Result
  • Home
  • News
  • Tech
  • Entertainment
  • Lifestyle
  • SMARTKOBO
  • #EndBadGovernance Photo Challenge

© Copyright Nigeria Today 2020

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please wait...

Subscribe to our Nigeria Today News

Want to be notified when our article is published? Enter your email address below to be the first to know.
SUBSCRIBE