Find the latest bookmaker offers available across all uk gambling sites www.bets.zone Read the reviews and compare sites to quickly discover the perfect account for you.

CBN introduces N5 rebate on every $1 remitted, begins March 8

The Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through International Money Transfer Organisations in its new forex policy.

Emefiele said this new policy will take effect from March 8.

He said it is 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.

“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for “Nigerians in the diaspora.

According to him, efforts at driving remittance inflows into Nigeria would yield positive results as it continued to ensure formal banking channels offer cheaper, faster, and more convenient ways for remitters to send funds to beneficiaries.

The CBN governor said reducing the cost of sending remittances was a significant way to boost remittance inflows to Nigeria.

In general, he said, the new policy was expected to enlarge the scope and scale of foreign exchange inflows into the country with a view to stabilising the exchange rate and supporting accretion to external reserves.

More importantly, it would provide an opportunity for Nigerians living abroad to make investments in their home country, he noted.

Emefiele said, “Yet, the introduction of the new policy presented new challenges as operators and remittance service providers were initially unable to integrate with the commercial banks.

“The CBN continues to work assiduously to resolve the few intermittent interface challenges that are remaining.”

He said it was brokering meetings between the IMTOs and banks in order to ensure that they have a smooth transition and the diaspora community has a more convenient way to remit funds to Nigeria

About Younews Ng

Check Also

154,225 patients recover from COVID-19 in Nigeria

The Nigeria Centre for Disease Control has confirmed that a total of 154,225 patients have ...

Leave a Reply

Your email address will not be published. Required fields are marked *