Polaris Bank begins ‘Naira 4 Dollar’ payments – Polaris Bank has commenced implementation of the Central Bank of Nigeria’s (CBN) ‘Naira 4 Dollar Scheme’ under which recipients receive N5 for every dollar received into domiciliary accounts or as cash over the counter.
Its Managing Director, Mr Innocent Ike said there was growing evidence of a positive relationship between diaspora remittances and growth, adding that the bank will continue to contribute its quota to enhancing economic development in the country.
He explained that the extra cash payment is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.
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He described the “CBN Naira 4 Dollar Scheme” as an unprecedented incentive for senders and recipients of international money transfers, noting that the scheme which took effect from March 8, 2021 will run till May 8, 2021.
“We have started paying extra N5 on every dollar to beneficiaries at our branches. This is in addition to the foreign currency they receive from their family and friends abroad,” Ike said.
He said Polaris Bank is committed to delivering products and services across all sectors.