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US SEC nominee disagrees with CBN on bitcoin
Naira plunges further against US dollar by N2.33
Emefiele accuses IMTOs of forex diversion
Summary:
The Central Bank of Nigeria (CBN) on Saturday introduced a new incentive to encourage inflow of Diaspora remittances into the country.
The CBN’s Director of Trade and Exchange Department, Saleh Jubrin, who announced the scheme tagged: “Naira 4 Dollar Scheme,” in a circular to banks in the country, said it would allow all recipients of Diaspora remittances to be paid N5 for every one dollar received. Read more
The nominee for United States’ Securities and Exchange Commission (SEC), Gary Gensler, has described bitcoin as a catalyst for change.
â¢Osinbajo commends new FX policy
Obinna Chima and Nume Ekeghe
Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, yesterday highlighted the benefits of the newly introduced âCBN Naira 4 Dollar Scheme,â an initiative aimed at incentivising senders and recipients of international money transfers. Emefiele spoke at a webinar organised by Fidelity Bank Plc, entitled, âThe New FX Policy, Implications and Positive Impact on Diaspora Investments,â where he delivered a keynote speech.
The CBN governor explained that the new policy was expected to attract diaspora remittances through the official foreign exchange channels as well as support forex stability in Nigeria.
The CBN had earlier in a circular dated March 5, 2021, signed by A.S. Jibrin, on behalf of the Director, Trade and Exchange Department, and released yesterday, stated that the new initiative would become effective on Monday and Saturday, May 8, 2021. In line with this initiative, all recipie
According to a circular dated March 5, 2021 and directed to all Deposit Money Banks (DMBs), International Money Transfer Operators (IMTOs) and members of the public, the apex bank said the new scheme was an effort to sustain the encouraging increase in inflows of Diaspora remittances into Nigeria.
The circular, issued by the Trade and Exchange Department of the CBN, stated that the scheme was an incentive for senders and recipients of international money transfers.
Accordingly, all recipients of Diaspora remittances through the CBN licenced IMOs, shall henceforth be paid N5 for every $1 received as remittance inflow.
“In light of this, the CBN shall, through commercial banks, pay to remittance recipients the incentive of N5 for every $1US remitted by the sender and collected by a designated beneficiary.