Nigeria targets diaspora remittances with ‘naira for dollar’ scheme

Banks in Nigeria are encouraging their clients to accept remittances in dollar from relations abroad for a reward. The scheme which was introduced by the Central Bank of Nigeria seeks to offer a reward of five naira for every $1 sent by Nigerians living abroad through international money transfer operators in the country. The scheme is to be called “naira for dollar” and an attempt to shore up the country’s revenue streams. Diaspora remittances to Nigeria totalled $25bn in 2019 but dipped to just over $5.3bn in 2020, according to…

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