Naira-4-dollar Scheme Will End On May 8, Banks Tell Customers

 

Deposit Money Banks have informed customers that the Central Bank of Nigeria’s ‘Naira-4-dollar scheme’ will end on May 8.

This is as they continued to woo their customers to take advantage of the incentive introduced by the regulator, which took effect on March 8.

Fidelity Bank, in a mail to its customers, said, “Did you know that all recipients of diaspora remittances through licensed International Money Transfer Operators will be paid N5 for every $1 received as remittance inflows?

“The new initiative tagged ‘Naira-4-greenback scheme’ is a part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of global cash transfer.

“This provide ends on Saturday May 08, 2021. So, hurry now and take advantage of the first rate opportunity to get more naira coins.”

Also, Polaris Bank said it had began implementation of the greater N5 for every greenback received into domiciliary money owed or as coins over the counter.

It said this in a statement on Monday titled ‘Polaris Bank will pay greater N5 for every dollar remitted to Nigeria’.

The performing Managing Director/Chief Executive Officer, Polaris Bank, Mr Innocent Ike, said, “Growing proof has shown a nice courting between diaspora remittances and financial boom and as such, the bank will keep to contribute its quota to enhancing economic improvement in the united states.”

He defined that the choice become in line with the CBN’s directive and completely aligned with efforts to encourage the inflow of diaspora remittances into the u . S ..

The banker described the ‘CBN naira-4-greenback scheme’ as an unparalleled incentive for senders and recipients of global money transfers, noting that the scheme might run till May eight.

“We have started paying extra N5 on every dollar to beneficiaries at our branches. This is further to the overseas forex they obtain from their family and buddies abroad,” he said.

It delivered that Polaris Bank changed into committed to handing over industry-defining services and products throughout all sectors of the Nigerian financial system.