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Nigerian Banks Now Automatically Create Domiciliary Accounts For Naira4Dollar Recipients



Commercial banks in Nigeria are automatically opening domiciliary bank accounts for Beneficiaries of diaspora remittances in Nigeria under the CBN’s Naira4Dollar scheme, Nairametrics authoritatively confirms.

The central bank introduced the scheme earlier in the month, offering N5 for every dollar remitted through any commercial bank or its partner receiving banks in Nigeria. The scheme took effect on Monday, March 8, 2021, and will end on Saturday, May 8, 2021.

According to the CBN, the scheme is “an effort to sustain the encouraging increase in inflows of diaspora remittances into the country”, a major source of forex liquidity for the apex bank.

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The scheme is aimed at improving Nigeria’s remittance inflows which Nairametrics currently estimates to be about $1.1 billion citing CBN data as its source.

Source : Nairametrics

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Hammed Tajudeen is the editor in-chief of Blaze News, holds Higher National Diploma(HND) in Mass Communication, graduated from Osun State Polytechnic, Iree.

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