Simplified Meaning of CBN “Naira 4 Dollar” Scheme

The Central Bank of Nigeria “Naira 4 Dollar”, scheme is a well thought out policy to encourage foreign currency remittances to Nigeria.

 

Though the scheme according to A.S Jibrin, CBN’s Director of Trade and Exchange Department, is to commence on Monday, 8 March, and end on 8 May, with possibility of extension, these explanations by Nationalwatchng, will help you understand the importance of the powerful scheme.

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Central Bank of Nigeria, said, that at for every $1 sent to a Nigerian from anywhere in the world, through banks, the Nigerian will withdraw the amount at official rate of over #400, and get extra #5 bonus.

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Also the sender will be rewarded with #5 too, so as the receiver is receiving the reward, the sender will be receiving the reward.

 

The payment of the reward of the #5 per $1, reward is funded by Central bank of Nigeria, so you don’t have anything to fear, on the payment.

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The payment of the reward #5, is given immediately in the counter, you also have the choice to withdraw the money sent to you, either in dollar currency or Naira currency at the counter and collect your #5 reward.

 

So if you send or you were sent $100, it means, you will receive extra #500 at the counter, courtesy of CBN. The more amount you send or you were sent in dollars, the higher your reward becomes.

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