CBN Woos Forex Inflow With Reward For Dollar Remittances
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 recei...
Source: dailytrust.com