The Nigerian central bank will pay recipients who use formal channels to get U.S. dollars from abroad, in the latest move by authorities to increase the flow of remittances amid a shortage of hard currency.
Recipients will get 5 naira for every $1 they remit through licensed international money transfer operators and commercial banks, the central bank said in a circular published late on Friday. The program will run from March 8 till May 8.
The West African nation’s currency has been devalued twice since March last year after a sharp drop in oil sales and remittances from workers abroad led to a shortage of dollars…
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