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CBN introduces N5 rebate on every $1 sent to Nigeria

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The Central Bank of Nigeria (CBN) will charge N5 for every $1 remitted to Nigeria through International Money Transfer Organisations in its new forex policy.

CBN Governor, Godwin Emefiele, confirmed this on Saturday during a virtual event organised by Fidelity Bank.

According to him, this new policy will take effect from Monday, March 8.

Emefiele said, “Furthermore, in an effort to reduce the cost burden of remitting funds to Nigeria by working Nigerians in the diaspora, the Central Bank of Nigeria has introduced a rebate of N5 for every $1 of fund remitted to Nigeria, through IMTOs licensed by the Central Bank.

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“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.

“We believe this new measure will help to make the process of sending remittance through formal bank channels cheaper and more convenient for “Nigerians in the diaspora. This new policy is expected to take effect on the 8th of March 2021.”

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