Naira-4-dollar Scheme Ends 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-dollar scheme’ is part of the Central Bank of Nigeria’s efforts to incentivise senders and recipients of international money transfer.

“This offer ends on Saturday May 08, 2021. So, hurry now and take advantage of the wonderful opportunity to get extra naira cash.”

Also, Polaris Bank said it had commenced implementation of the extra N5 for every dollar received into domiciliary accounts or as cash over the counter.

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

The acting Managing Director/Chief Executive Officer, Polaris Bank, Mr Innocent Ike, said, “Growing evidence has shown a positive relationship between diaspora remittances and economic growth and as such, the bank will continue to contribute its quota to enhancing economic development in the country.”

He explained that the decision was in line with the CBN’s directive and fully aligned with efforts to encourage the inflow of diaspora remittances into the country.

The banker described the ‘CBN naira-4-dollar scheme’ as an unprecedented incentive for senders and recipients of international money transfers, noting that the scheme would run till May 8.

“We have started paying extra N5 on every dollar to beneficiaries at our branches. This is in addition to the foreign currency they receive from their family and friends abroad,” he stated.

It added that Polaris Bank was committed to delivering industry-defining products and services across all sectors of the Nigerian economy.

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