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Banks cash in on CBN’s ‘naira-4-dollar’ policy

Following a policy review by the Bank of Nigeria (CBN), which introduced an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations, Nigerian banks have flagged of serious campaign to attract customers ahead of the commencement of the latest ‘Naira-for-Dollar’ policy of the apex bank.
Recall that the CBN Governor, Godwin Emefiele, had on Saturday announced the introduction of an incentive of N5 for every $1 of fund remitted to Nigeria through International Money Transfer Organisations in the bank’s new forex policy.
According to him, the move was part of CBN’s reforms to boost the inflow of foreign currency into the country, adding that the N5 for every $1 fund remitted to Nigeria initiative would begin on Monday (today). Based on the policy, Deposit Money Banks reached out to their customers on Sunday telling them that N5 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 N5 for every dollar you receive via money transfer agents. Offer available at all GTBank branches nationwide and valid till 8th of May.” Emefiele had explained that the N5 rebate would be given when the remitted fund to Nigeria moved through International Money Transfer Organisations.