What is the ‘Naira 4 Dollar’ scheme?

What is the ‘Naira 4 Dollar’ scheme?

‘Naira 4 Dollar’ is a new foreign exchange incentive scheme set up by the Central Bank of Nigeria (CBN). For every US dollar (USD) you send to Nigeria, your recipient will receive a five naira (NGN) bonus.

For example, if you send 100 USD to Nigeria with Azimo, your recipient will receive the 100 USD plus a 500 naira bonus. Simply set up a money transfer to Nigeria as usual and the bonus will be available for collection at your chosen cash pick-up location. 

Why has the ‘Naira 4 Dollar’ scheme been introduced?

The scheme follows the recent announcement by the CBN that international money transfers into Nigeria can only be paid out in US dollars (USD).

The scheme’s main aim is to increase the volume of remittances into Nigeria. The ₦5 bonus for every USD sent acts as an incentive for both senders and recipients of money transfers while boosting economic growth in the country.

The scheme draws parallels to the Bangladesh cash incentive.

How to claim your ‘Naira 4 Dollar’ bonus

If you’re using a money transfer provider like Azimo, you’ll find that the bonus won’t appear in your transfer history. That’s because it’s paid by the receiving bank and not by Azimo. 

Your recipient can claim the naira bonus in cash or directly into their bank account at the receiving bank.

Your recipient will need to mention the ‘Naira 4 Dollar’ scheme at the branch when they go to collect the funds. 

Do I have to register for the ‘Naira 4 Dollar’ scheme?

You don’t have to register for the ‘Naira 4 Dollar’ scheme. 

For your loved ones to benefit from the scheme, all you need to do is send money to Nigeria through an International Money Transfer Operator (IMTO) like Azimo. 

Your recipient will need to have a bank account with a registered Deposit Money Bank (DMB)

Get a naira bonus for your loved ones when you send dollars to Nigeria. Register with Azimo and transfer money to Nigeria to take advantage of the ‘Naira 4 Dollar’ scheme.