The Central Bank of Nigeria’s (CBN’s) ‘Naira for Dollar Scheme’, aimed at promoting diaspora remittances will be ending this Saturday. The two-month campaign, which started on March 8, has seen many diaspora remittances recipients get rewarded with N5 for every dollar received. The policy creates opportunity for banks to utilise their products and investments’ vehicles to attract foreign capital from Nigerians in the diaspora.The campaign has led to significant increase foreign reserves and boosted dollar liquidity in the economy, writes COLLINS NWEZE.
Not many people considered the possibility of being rewarded for receiving dollar inflow from the diaspora.
That was before the take off of the Central Bank of Nigeria’s (CBN’s) ‘Naira dollar for Scheme’, which gives N5 rebate for every $1 sent by Nigerians in diaspora to the country. For instance, a customer that receives $10,000, gets N50,000 as reward.
According to the…
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