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CBN’s Naira-for-Dollar’ policy: Banks spring into action, woo customers




Deposit Money Banks have sprung into action as they are on Sunday, March 7, began to woo customers ahead of the commencement of the latest ‘Naira-for-Dollar’ policy of the Central Bank of Nigeria (CBN).

Recall that the CBN Governor, Godwin Emefiele, had announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.

Emefiele explained that the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, saying that the N5 for every $1 fund remitted to Nigeria initiative would begin today, Monday, March 8.

The CBN governor noted that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.

According to him, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the central bank.”

The central bank, in another development, on Sunday also noted that the policy would reduce cost and round tripping, The statement titled ‘New policy on remittance inflow to reduce cost, check round-tripping.

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As regards the policy, Deposit Money Banks got in touch with their customers telling them that N5 would be given for every dollar received by the customers.

ALSO READ  FirstBank rewards its Verve Card holders with free fuel gathered that the Guarantee Trust Bank, GTBank sent out text messages to its customers on Sunday concerning the new development.

The message read: “Dear Customer, we are giving you N5 for every dollar you receive via money transfer agents. Offer available at all GTBank branches nationwide and valid till 8th of May.”



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