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Send a dollar, get five naira free - Central Bank of Nigeria launches forex promo

Picture of the Central Bank of Nigeria's headquarters.

The Central Bank of Nigeria has disclosed the introduction of a "Naira for Dollar Scheme". The scheme promises to pay Naira to senders and recipients of international money transfers. The newly introduced policy became important as the Central Bank of Nigeria plans to boost dollar supply in the country. The foreign exchange slide in Nigeria had forced the Central Bank of Nigeria to devalue the Naira for more than one in a year.

According to a statement released by the Central Bank of Nigeria, the beneficiaries of this newly introduced policy will be recipients of diaspora remittances through CBN's International money transfer operators. Those that fall under the description above will get N5 for every $1 received as remittance. The Central Bank of Nigeria made this known in a circular dated March 5, 2021. The circular was signed by the Director, Trade and Exchange Department, A.S Jibrin. The scheme will last between March 8 and May 8, 2021.

The Central Bank of Nigeria explained that the newly introduced scheme is meant to encourage the inflow of diaspora remittances into Nigeria. The incentive will be paid through commercial banks. The recipients of the incentive will be paid N5 for every $1 remitted by sender and collected by a designated beneficiary. However, it is unclear if this move can help improve the value of naira against the dollar. However, CBN simply want to boost dollar supply in Nigeria. Former Presidential candidate, Dele Momodu, seems to think that the move is a very nice one from the CBN.

Below is a picture of the full detail of the circular.

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Central Bank of Nigeria Nigeria Trade and Exchange Department

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