The Central Bank of Nigeria (CBN) will charge N5 for each $1 transmitted to Nigeria through Global Cash Move Associations in its new forex strategy.
CBN Governor, Godwin Emefiele, affirmed this on Saturday during a virtual occasion coordinated by Loyalty Bank.
According to him, this new policy will take effect from Monday, March 8.
“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.
“This rebate will be provided to the bank accounts of beneficiaries, following receipt of remittance inflows.
“We accept this new measure will assist with making the way toward sending settlement through proper bank channels less expensive and more helpful for “Nigerians in the diaspora. This new strategy is relied upon to produce results on the eighth of Walk 2021.”