The Central Bank of Nigeria CBN has launched a reward program for all Nigerians in a bid to encourage foreign currency remittance in Nigeria, where Nigerians can get rewarded for up to N500,000 based on the inflow received.
This announcement was made by the Central Bank of Nigeria CBN, to all Deposit Money Banks in Nigeria and to International Money Transfer Operators.
Why is CBN giving Nigerians free money?
The Central Bank of Nigeria CBN had earlier this year place a ban on the conversion of foreign inflow to local Naira currency and a lot of Nigerians are not even happy with this decision of the Central Bank of Nigeria.
Most banks' customers were forced to suspend their FX inflow transaction, but there is good news now to all Nigerians.
Nigerians can now receive Dollars directly through any Nigerian bank and also get compensated with a token by the CBN.
Here is the deal from the Central Bank of Nigeria which is currently tagged "Naira 4 Dollar Scheme"
When you visit the bank to receive a Dollar that has been transferred from a foreign country, you will get paid some money in Naira, which is N5 for every $1 that you received.
for example, you get:
N5 for $1
N50 for $10
N500 for $100
N5000 for $1000
N50000 for $10000
N500000 for $100000
Most Nigerians have praised the Central Bank of Nigeria for this move as every Nigerians can easily benefit from the "Naira 4 Dollar Scheme" and it is a better alternative in increasing the Dollar circulation in Nigeria, thereby reducing its scarcity and over-reliance on the black-market traders for FX.
It should also be noted that this "Naira 4 Dollar Scheme" is a better alternative than the devaluation of the Naira against the Dollar.
This is the right time for all Nigerians to start requesting money from their families and relatives abroad to enable them to benefit from the scheme.
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