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Diaspora remittances: Naira for dollar scheme to the rescue

Diaspora remittances: ‘Naira for dollar scheme’ to the rescue Mustapha Temidayo The Central Bank of Nigeria’s (CBN’s) ‘Naira for Dollar Scheme’, aimed at promoting diaspora remittances will be ending this Saturday. The two-month campaign, which started on March 8, has seen many diaspora remittances recipients get rewarded with N5 for every dollar received. The policy creates opportunity for banks to utilise their products and investments’ vehicles to attract foreign capital from Nigerians in the diaspora.The campaign has led to significant increase foreign reserves and boosted dollar liquidity in the economy, writes COLLINS NWEZE. Not many people considered the possibility of being rewarded for receiving dollar inflow from the diaspora.

FirstBank promotes cross border payments in sub-Sahara Africa with first global transfer

FirstBank promotes cross border payments in sub-Sahara Africa with first global transfer
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Firstbank Promotes Cross Border Payments In Sub Sahara Africa With First Global Transfer

Firstbank Promotes Cross Border Payments In Sub Sahara Africa With First Global Transfer By The Nigerian Voice Listen to article First Bank of Nigeria Limited, Nigeria’s premier and leading financial inclusion services provider, has announced the launch of First Global Transfer (FGT) to promote international transfer of funds across its subsidiaries in sub-Saharan Africa. The Bank’s subsidiaries in Africa include FBNBank DRC, FBNBankGhana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, FBNBank Senegal. The First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa. The FGT is not restricted to FirstBank and FBNBankCustomers alone but it is also open to every individual resident in the country the funds transfer is originating from.

First Bank promotes diaspora remittances, rewards customers with N5 for every dollar received

Share First Bank of Nigeria Limited, Nigeria’s leading financial inclusion services provider, is rewarding customers with N5 for every dollar received through foreign remittances. This N5 for a dollar incentive is paid to FirstBank’s customers regardless of their preference to collect the dollars as cash across the counter in any of the bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts. The reward to customers is in line with the Central Bank of Nigeria’s ‘Naira 4 Dollar scheme’, driven to promote diaspora remittances into the country. For example, a customer that receives $10,000 gets N50,000 as reward. The scheme runs from Monday, 8 March – Saturday, 8 May 2021.

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