If you frequently receive funds in US dollars from overseas, you will be pleased to know that starting from March 8, 2021, the Central Bank of Nigeria has rolled out the Naira 4 Dollar scheme. Find out more about it and how it works right now!
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1. What is the Naira 4 Dollar Scheme?
The Naira 4 Dollar Scheme was designed by the Central Bank of Nigeria as a way to sustain the growing amount of diaspora remittances flowing into the country. The scheme is primarily designed for Nigerian individuals who frequently get sent money from overseas in foreign currency – US dollars, to be precise. The scheme doesn’t cost anything for the recipient or the sender and is funded by the CBN. The program was unveiled by the Central Bank of Nigeria and includes its partners, but the CBN has also urged other Nigerian commercial banks to join the program.
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2. How does the scheme work?
The idea behind the CBN’s scheme is to encourage Nigerians to receive money in USD, which, in turn, benefits the economy. To achieve this, the CBN will pay ₦5 for every $1 you receive from overseas. For example, if you get sent $100, you will get that plus a bonus ₦500 in your account. There are no limitations on how many times you can participate, so if you are regularly sent money by your relatives living overseas or paid by foreign employees, this can be a great way to get an additional financial incentive.
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3. How to participate?
You don’t need to do anything to take part in the Naira 4 Dollar scheme aside from receiving money in US dollars from overseas sender. It doesn’t matter if you transfer the money to your domiciliary account or get in cash from the bank – you will get the incentive either way. Please note that the program runs from March 8, 2021 to May 8, 2021, so you have two months to take advantage of the scheme.
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