Naira4Dollar Scheme does not require banks to seek your permission to open a domiciliary account.
NewsOnline Nigeria reports that Commercial banks in Nigeria are automatically opening domiciliary bank accounts for Beneficiaries of diaspora remittances in Nigeria under the CBN’s Naira4Dollar scheme.
The central bank introduced the scheme earlier in the month, offering N5 for every dollar remitted through any commercial bank or its partner receiving banks in Nigeria. The scheme took effect on Monday, March 8, 2021, and will end on Saturday, May 8, 2021.
According to the CBN, the scheme is “an effort to sustain the encouraging increase in inflows of diaspora remittances into the country”, a major source of forex liquidity for the apex bank.
The scheme is aimed at improving Nigeria’s remittance inflows which Nairametrics currently estimates to be about $1.1 billion citing CBN data as its source.
As part of our Financial advocacy initiative, Nairametrics Research conducted an investigation to determine the efficacy of the scheme and to find out whether commercial banks were complying with CBN’s directive to banks to pay beneficiaries in dollars and an extra N5 per dollar remitted.
Here are our findings;
This new initiative suggests the CBN has temporarily opened up the ease of account opening for domiciliary accounts as this promo is meant to last for three months.
While Nairametrics Research also suggests the inflows can be withdrawn at source, it could also open up beneficiaries to tax authorities who also monitor bank account inflows.
It is also perceived by critics as confirmation that the CBN is allowing Nigerians to withdraw and sell dollars via the black market.
Eko Electricity Distribution Company (EKEDC) has urged its customers to avoid paying individuals and unauthorized…
As part of its unwavering commitment to environmental preservation, Japan Tobacco International Nigeria, a member…
African Voices Playmakers, CNN International’s magazine programme, will this week host world renowned playwright, dramatist,…
Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank,…
Guaranty Trust Bank Ltd (“GTBank,” or “the Bank”), flagship subsidiary of Guaranty Trust Holding Company…
A 40-year-old man identified as Jibrin Adamu has committed su!cide by hanging himself in Marika…