Connect with us

Economy

Nigerian Banks Now Automatically Create Domiciliary Accounts For Naira4Dollar Recipients

Published

on

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.

Read Also : Oyo LG Elections: OYSIEC Sets To Recruit Adhoc Staff (See How To Apply)

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

BlazeNewz Disclaimer

The information contained in this post is for general information purposes only. Opinion articles, comments are solely the responsibility of the author and does not necessarily reflect the views of BlazeNewz while we endeavour to keep the information accurate with objectivity as we adhere to global practice of journalism. Read our full Disclaimer.

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

Olaiya Flyover Inauguration

Advertisement
Advertisement
Advertisement
Advertisement

Trending

0
Would love your thoughts, please comment.x
()
x