Nigeria Introduces Incentives in Bid to Boost Remittance Inflows

Top Trends By Bloomberg April 22, 2021

Some countries and their central banks are getting creative when it comes to upping remittance Inflows. Case in point? Nigeria, where the Nigerian central bank will now pay recipients who use formal channels to get U.S. dollars from abroad, according to Bloomberg.

Recipients will get 5 naira for every USD1 they remit through licensed international money transfer operators and commercial banks. However, they note, the program is not an official policy change and for now is seen as a promotion, that will run from March 8th until May 8th only.

This article was written by Alonso Soto and originally published on Bloomberg.