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Nigeria Banks Woo Customers with New CBN ‘Naira-4-Dollar’ Remittance Policy

Information reaching us has it that Nigeria Deposit Money Banks on Sunday started wooing customers ahead of the commencement of the latest ‘ Naira -for -Dollar ’ remittance policy of the Central Bank of Nigeria .
CBN Governor , Godwin Emefiele , had on Saturday announced the introduction of an incentive of N 5 for every $ 1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank ’s new forex policy .
He said the move was part of CBN ’s reforms to boost the inflow of foreign currency into the country , adding that the N 5 for every $1 fund remitted to Nigeria initiative would begin on Monday ( today) .
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Based on the policy , Deposit Money Banks reached out to their customers on Sunday telling them that N 5 would be given for every dollar received by the customers.
Guarantee Trust Bank , for instance , sent out text messages to its customers on Sunday concerning the new development .
It said, “ Dear Customer , we are giving you N 5 for every dollar you receive via money transfer agents . Offer available at all GTBank branches nationwide and valid till 8 th of May .”
Emefiele had explained that the N 5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations .
He 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 N 5 for every $ 1 of fund remitted to Nigeria , through IMTOs licensed by the central bank .”– Punchng

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