Have you heard about the new announcement made by Central Bank of Nigeria (CBN)? By introducing CBN Naira 4 Dollar Scheme an incentive for senders and recipients of international Money Transfers, All the details you need to know will be breakdown below.
CBN Naira 4 Dollar Scheme 2021 is real and was introduced by CBN, Here I will tell you how it works, who is eligible/requirements, how to get paid in addition of your international transfer and closing date for the scheme.
Requirements/Eligibility for 2021 CBN Naira 4 Dollar Scheme
To be among the beneficiaries, the diaspora remittances need to be processed and received from one of the registered IMTOs and funds received into a Bank account operated by the DMBs. (So, if you are receiving funds via Crypto sorry you are not eligible).
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.
How does CBN Naira 4 Dollar Scheme 2021 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.
How to get paid for 2021 CBN Naira 4 Dollar Scheme 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.
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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