CBN Introduces Naira 4 Dollar Scheme 2021 for Nigerians – See how it works

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A new announcement has been released by the Central Bank of Nigeria (CBN) in an attempt to incentivize dollar remittances for senders and recipients of international Money Transfers, thereby introducing CBN Naira 4 Dollar Scheme, see more details as you read on.

The Central Bank of Nigeria (CBN) released a circular to Deposit Money Banks (DMBs), International Money Transfer Operators (IMTO), and the General Public, advising that remittances paid into a bank account will attract an additional credit alert for every USD$1 received!

All the details about this scheme will be explained in details in the article, we will show you how it works, guidelines and procedures, including all requirements and eligibility.

Requirements/Eligibility

You MUST have a domiciliary account/Western union account or you have account that receive in dollars with commercial banks that pays in dollars like GtBank, Polaris Bank, UBA, First Bank, Zenith Bank, Sterling Bank, Fidelity Bank, Union Bank, Eco Bank, FCMB and Access bank etc.

The commercial banks will know which account to pay the extra special credits into. Although, that may be a question diaspora funds recipients will need to ask their DMB accounts officers to clarify for them.

Download CBN Naira for Dollar Scheme Circular Here

How does CBN Naira 4 Dollar Scheme Works

The CBN will facilitate a special additional credit alert of N5 for every USD$1 received.

Now understand better with the following instance:

  • When someone sends you $10,000, you get an additional special credit alert for N50,000.
  • When someone sends you $100,000, you get an additional special credit alert for N500,000.

CBN Governor explains the Naira 4 Dollar Scheme – Read

How to get paid when your account is funded

CBN shall through commercial banks like GtBank, Polaris Bank, UBA, First Bank, Zenith Bank, Sterling Bank, Fidelity Bank, Union Bank, Eco Bank, FCMB and Access bank etc, 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.

See also: Apply for CBN Loans Here in 2021

Closing date/Deadline for 2021 CBN Naira for Dollar Scheme

The program runs from Monday 8th March 2021 to Saturday 8th May 2021. If you have plans to receive dollars do so now to get additional money to your account.

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