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Polaris Bank begins N5 payment for every dollar remitted

Polaris Bank said it has commenced implementation of the regulatory Central Bank of Nigeria’s 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, disclosed that “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 which took effect from 8th March, will run till 8th May, 2021.

“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.

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