Dabiri-Erewa lauds CBN for introducing Diaspora Remittance Scheme

Mrs Abike Dabiri-Erewa, Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM) has lauded the Central Bank of Nigeria (CBN) for introducing the Diaspora Remittance Scheme.

Abike Dabiri-Erewa, CEO/Chairman Nigerians in Diaspora Commission (NIDCOM). [Twitter/@Ezeakachidozie]

The statement quoted Dabiri-Erewa as saying that the scheme would impact the Nigerian economy.

She said CBN introduced the “NAIRA 4 DOLLAR SCHEME” for Diaspora Remittances following its policy of remittance issuance in the currency of remittance.

Dabiri-Erewa said that the scheme was a welcome idea as the policy would encourage Nigerians in the Diaspora to send money through official channels.

The CBN Naira 4 Dollar scheme is an incentive for senders and recipients of International Money Transfer whereby recipients of Diaspora Remittances through CBN-licensed International Money Transfer Operators (IMTOs) shall be paid N5 per every dollar received as remittance inflow,” it said.

She also said NiDCOM was finalising a Nigerian diaspora investment fund through which Nigerians in the diaspora could structure and channel their investments.

She added that the response of Nigerians living abroad to the Nigerian Diaspora Investment Summit had been very encouraging and impactful.

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the CBN on March 6, announced the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of International Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

In light of this, the CBN said it would, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary.

This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer the same into their domiciliary account.

In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

itel S17: A selfie smartphone with unbeatable features for users

Big battery, big screen, beautiful design? itel S17 has it all

Does the choice of web hosting company matter for your business?

NGX opens week with N153bn loss on MTNN, Nestle loses

AAAN, MIPAN, OAAN, others okay new advertising industry practice guidelines

Consumers resort to firewood over rising cost of cooking gas

Meet the Ghanaian entrepreneur who has developed wireless earbuds that can translate 40 languages

What You Need To Know About The Certificate Of Occupancy – C Of O

Vendease commemorates World Food Day 2021 with donations to food traders