CBN introduces ‘Naira 4 Dollar Scheme’ for diaspora remittances, to pay N5 for every $1 remitted

The Central Bank of Nigeria (CBN) has introduced its ‘Naira 4 Dollar Scheme’ for diaspora remittances, as all recipients of diaspora remittances through CBN’s IMTOs shall be paid N5 for every $1 received as remittance inflow.

The scheme takes effect from Monday, March 8, 2021 and ends on Saturday, May 8, 2021.

This was disclosed by CBN in a circular issued to all Deposit Money Banks (DMO) and International Money Transfer Operators (IMTO).

The memo, which was seen by Nairametrics, was dated March 5th, 2021 and signed by the Director, Trade and Exchange Department, A.S Jibrin.

According to the circular, the initiative is CBN’s effort to sustain the encouraging increase in inflows of diaspora remittances into Nigeria.

The circulated stated, “In the light of this, the CBN shall, through commercial banks pay to remittance recipients the incentive of N5 for every $1 remitted by sender and collected by designated beneficiary. This incentive is to be paid to recipients whether they prefer to collect the USD as cash across the counter in the bank or transfer same into their domiciliary account.“

Source: https://nairametrics.com/2021/03/06/breaking-cbn-introduces-naira-4-dollar-scheme-for-diaspora-remittances/

Is this not another road to corruption? What nonsense is this please ? Who send CBN this needless work?

This is how I woke up this morning and found out access bank had opened me Dorm account by fire force when I didnt even request for it .

CBN where is the 5 naira coming from?

GamalNasser:
Is this not another road to corruption? What nonsense is this please ? Who send CBN this needless work?

We Nigerians sent CBN.

And it has nothing to do with online country.

Lol. . . they will take the remitted dollar at a lower rate forcefully and make the real beneficiaries of the remittances and forex buyers to buy it at a higher rate. Out of the difference of about N100, they will use N5 to bribe the remitter of the forex.
Why not tax cattle seller like 2.5k per cattke above 100k? They always looking to take from where southerners are active in and send it to other parts of the nation.

GamalNasser:
Is this not another road to corruption? What nonsense is this please ? Who send CBN this needless work?

Rubbish initiative. After maintaining two rates with a wide difference, they want to use N5 of the remitter's money as a bait to corner the dollar.

Simplyleo:

We Nigerians sent CBN.

And it has nothing to do with online country.

So e never reach when u go get sense

Mightyhaiz:
So e never reach when u go get sense

That guy is lost to Zombism for ever

Ok.

CodeTemplar:
Rubbish initiative. After maintaining two rates with a wide difference, they want to use N5 of the remitter's money as a bait to corner the dollar.

Just imagine the fraud

For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5 naira for collecting their dollars at their 419 rate

Story, offered rates won’t be favourable to the diasporas. We will continue to finds means to get Abboki rates via peer to peer.

Nbotee:
For those who do not understand the post, CBN wants to b paying Nigerians 5 naira for every 1 dollar they receive but the 419 behind it all is the useless exchange rates dey dey maintain.. In other words dey want to bribe Nigerians 5 naira for collecting their dollars at their 419 rate

"They can collect as (dollar) cash across the counter"?

[img]https://media1./images/b4c32bcf8165425b0bce0971b6688de3/tenor.gif?itemid=7480104[/img]

Ok

I see that more than 70% of people reading this post have no idea what it means. This I have seen.

This will strengthen the naira a bit. The market will be flooded with dollars and people will not be willing to buy dollar for keeping sake.














Bampeh is an economist

A policy that makes some good sense.

rontolo:
Story, offered rates won’t be favourable to the diasporas. We will continue to finds means to get Abboki rates via peer to peer.

If the money comes into your dom account, you withdraw dollar and sell it to aboki.


Modified

I just noticed it's a promo starting from March 8 and ending in May. Haba! Something isn't right. Maybe some people want to cash out.

Damage control

It seems like the naira that has been stolen is too much they are no employing every trick in the book to get the diaspora to send in dollars for the polithiefician to easily cover their loots and move it via dubai.

How can you make a policy that any money coming from abroad be it pounds or Euro or Yuan must be in flowed as dollars.

Wetin I dey talk self hunger wey ds country dey affect my brain ni. Mama Bidimi abeg come give me one cup of garri and kwilikwili make I soak this afternoon.

Good

Well, good idea

For those mocking the idea, the issue is the CBN has one mandate, and one mandate alone. DEFEND THE NAIRA AT ALL COSTS...and it does that by attracting dollars.

And the truth is oil prices are too low for Nigeria to earn sufficient dollars. Because Nigerians want price controls for everything, plus insecurity, and corruption, and bad leaders, investment is having a hard time coming in.

So, CBN has to resort to all kinds of methods to get dollars. The downside is that Nigerians won't be able to get dollars from abroad, and change to naira at the parallel rate...or higher rate, which to be honest is not fair...and N5 to $1 does not cover potential losses.

Another Greek gift.

They are never straight forward.


The revenue generated by each #5 paid will be channeled into the pocket of each politician of course.



Besides,other countries don't see Nigerians trustworthy enough to do business with.

The rate at which naira dropped,is something that need be considered as well.

This policy can only lead to more loss instead of gain.


Nice idea implemented at a wrong time.





What a country.





MODIFIED:
To those happy with this new development,don't be yet.

------No one will give you free food when he is hungry--------




As it stands now,the country has reached it's elastic limit and it's time to go KABOOM!!

The government needs your prayers at this point cause,no body will tell it to your face.

The covid-19 saga broke the economy further and worst part was that the Nigerian government had no clue what to do.



Fasten your seatbelts. "

$1=N5
$10=N50
$100=N500
$1000=N5000
$10,000=N50k
$100,000=N500k
$1,000,000,=N5m

Hahahaha see this massive cash out Nigeria want to do

Thieves !!!


Looking for every means to MILK their citizens and fund their EXPENSIVE and FRAUDULENT lifestyle...

Una no go smell my money and tax

so for every 1 dollar, I will be charge 5naira. this country Sha, that emefiele of a person na only to extortion he Sabi?

Okay good to know