October 26, 2021

NEWS AGENCY OF NIGERIA

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NiDCOM chief lauds CBN’s Diaspora Remittance Scheme

By Maureen Okon

Mrs Abike Dabiri-Erewa, Chairman/Chief Executive Officer of the Nigerians in Diaspora Commission (NiDCOM) has lauded the Central Bank of Nigeria (CBN) for introducing the Diaspora Remittance Scheme.

Dabiri-Erewa lauded the CBN on Tuesday in a statement by the commission’s Head of Media and Public Relations, Mr Abdur-Rahman Balogun.

The statement quoted Dabiri-Erewa as saying that the scheme would impact the Nigerian economy.

She said CBN introduced the “NAIRA 4 DOLLAR SCHEME” for Diaspora Remittances following its policy of remittance issuance in the currency of remittance.

Dabiri-Erewa said that the scheme was a welcome idea as the policy would encourage Nigerians in the Diaspora to send money through official channels.

“The CBN Naira 4 Dollar scheme is an incentive for senders and recipients of International Money Transfer whereby recipients of Diaspora Remittances through CBN-licensed International Money Transfer Operators (IMTOs) shall be paid N5 per every dollar received as remittance inflow,” it said.

She also said NiDCOM was finalising a Nigerian diaspora investment fund through which Nigerians in the diaspora could structure and channel their investments.

She added that the response of Nigerians living abroad to the Nigerian Diaspora Investment Summit had been very encouraging and impactful.

In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the CBN on March 6, announced the introduction of the “CBN Naira 4 Dollar Scheme’, an incentive for senders and recipients of International Money Transfers.

Accordingly, all recipients of diaspora remittances through CBN licensed IMTOs shall henceforth be paid N5 for every USD1 received as remittance inflow.

In light of this, the CBN said it would, through commercial banks, pay to remittance recipients the incentive of N5 for every USD1 remitted by the sender and collected by the designated beneficiary.

This incentive is to be paid to recipients whether they choose to collect the USD as cash across the counter in a bank or transfer the same into their domiciliary account.

In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional N5 per USD received.  (NAN)

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