The Central Bank of Nigeria (CBN)’s Naira4Dollar scheme may have attracted about $40 million in foreign remittances in seven days.According to agency reports, the scheme had performed a lot more than expected as remittances via commercial banks have picked up suggesting Nigerians in the Diaspora have embraced it as the CBN received $40 million last week from remittances, up from about $6 million before the policy was introduced.
The apex bank captures remittances in its Balance of Payment (BOP) report and the Foreign Exchange Flows data. But while the BOP includes non-cash items remitted into Nigeria, the Foreign Exchange Flows Data records cash items only.
This is coming after commercial banks in Nigeria automatically opened domiciliary bank accounts for beneficiaries of diaspora remittances in Nigeria under the CBN’s Naira4Dollar scheme. As the beneficiary receives the inflows, N5 for every dollar remitted is a credit to the naira account of the beneficiary…
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