CBN Giveaway Naira 4 Dollar Scheme: The Central Bank of Nigeria (CBN) released a circular on Saturday to financial institutions advising that dollar remittances paid into a bank account will attract an additional credit alert for every USD$1 received.
The circular was specifically directed to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTO), and the General Public.
What this simply means is that The CBN will facilitate a special additional credit alert of N5 for every USD$1 received. In other words:
- if someone sends you $10,000, you get an additional special credit alert for N50,000.
- If someone sends you $100,000, you get an additional special credit alert for N500,000.
To be eligible, the diaspora remittances need to be processed and received from one of the registered IMTOs and funds received into a Bank account operated by the DMBs. (So, if you are receiving funds via Crypto sorry you are not eligible).
Additionally, the circular says this “incentive runs from Monday 8th March 2021 to Saturday 8th May 2021″. So, if you have plans to receive dollars, you can plan accordingly.
The circular also notes that the “CBN shall through commercial banks, pay to recipients the N5 incentive for every USD$1”. In other words, it is the CBN funding the cost of this special extra credit.