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Banks woo customers with new CBN ‘naira-4-dollar’ policy

Deposit Money Banks on Sunday started wooing customers ahead of the commencement of the latest ‘Naira-for-Dollar’ policy of the Central Bank of Nigeria.

CBN Governor, Godwin Emefiele, had on Saturday 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.

He said the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, adding that the N5 for every $1 fund remitted to Nigeria initiative would begin on Monday (today).

Based on the policy, Deposit Money Banks reached out to their customers on Sunday telling them that N5 would be given for every dollar received by the customers.

Guarantee Trust Bank, for instance, sent out text messages to its customers on Sunday concerning the new development.

It said, “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.”

Emefiele had explained that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.

  • He said, “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.”

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