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Send A Dollar, Get Five Naira Free” - Central Bank Of Nigeria Launches Forex Promo


The Central Bank of Nigeria (CBN) on Saturday presented a "Naira 4 Dollar Scheme", a motivation that pays naira to senders and beneficiaries of worldwide cash moves. 

This was reported in a circular by Saleh Jibrin, CBN's Director, Trade and Exchange Department. 

The policy is aimed At boosting dollar supply in the country, during a period of foreign exchange crunch that has forced the national bank to devalue the naira more than once in a year. 

As per the bank, beneficiaries of diaspora settlements through CBN's International cash move administrators (IMTOs) will presently be paid N5 for each $1 got as settlement inflow. 

Jibrin instructed every business bank and International Money Transfer Operators (IMTOs) to guarantee that the plan takes effect from Monday. 

"With an end goal to support the empowering inflows of diaspora settlements into the country, the CBN thusly declares this plan as an impetus for senders and beneficiaries of global Money Transfers. 

"All beneficiaries of diaspora settlements through CBN authorized IMTOs will hence get N5 for each one US dollar got. 

"This motivator is to be paid to beneficiaries whether they decide to gather the dollar as money across the counter in a bank or move same into their domiciliary record. 

"Having discussed with banks and IMTOs, the plan takes effect from Monday, March, 8."

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CBN International Jibrin Saleh Jibrin Trade and Exchange Department.

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