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Nigeria rewarding users of mainstream remittance channels to combat digital currency use Business Nigeria’s central bank is not a big fan of digital currencies. In its latest effort to clamp down on the nascent industry, it is now rewarding citizens who opt for formal remittance channels over digital currency-powered platforms. It does this at a time when inflows via mainstream channels have plummeted by over 97%. The Central Bank of Nigeria (CBN) announced its “Naira 4 Dollar Scheme” recently, targeting diaspora remittances. “In an effort to sustain the encouraging increase in inflows of diaspora remittances into the country, the Central Bank of Nigeria hereby announces the introduction of the “CBN Naira 4 Dollars Scheme”, an incentive for senders and recipients of international money transfers,” the notice reads.

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