Xenplainer: The ‘Naira 4 Dollar’ Scheme – Get 5 additional NGN for every 1 USD you send to Nigeria
The Nigerian Central Bank (NCB) is currently giving 5 extra naira for every United States dollar that is transferred to a recipient in Nigeria. That means if you transfer 100 USD to a friend or family member, they will receive 100 USD PLUS an additional 500 NGN.
This scheme has been created to incentivise Nigerians who live outside of Nigeria to send remittance back into the country.
You can use Xendpay to take advantage of the scheme. All transfers are free up to £2,000 or the equivalent in another currency.
For further information, please read the below.
What is the Naira 4 Dollar scheme?
On March 8, 2021, the NCB began the Naira 4 Dollar scheme. The scheme was created to “sustain the encouraging increase of inflows of diaspora remittances.”
In other words, to encourage remittance, especially in the form of USD, into Nigeria from outside the country.
The scheme ends on May 8, 2021.
How does it work?
You need to set up an international transfer for USD to the Nigerian bank account of a friend or family member. Their account can be with any bank in Nigeria.
For every 1 USD you send, your recipient will receive an additional 5 Naira.
When is the additional Naira rewarded?
The additional NGN can be claimed by your recipient on withdrawal or collection of the USD.
They can claim the naira bonus in cash or request for it to be put directly into their bank account at the receiving bank.
They just need to remember to mention the ‘Naira 4 Dollar’ scheme at the branch when they go to collect their USD.
What currency does the USD need to be purchased in?
You can purchase the USD in any currency you want. However, it must be USD that arrives in your recipient’s bank account.
Can I use Xendpay to access the Naira 4 Dollars scheme?
You can! We’ve already helped 1,000s of Xendpay customers to send money to Nigeria.
We’ve created relationships with leading banks across Nigeria including Zenith, FBN, Access and many more. This means you can quickly and securely send money to your family and friends in Nigeria.
We’ve got some of the best exchange rates around and you can transfer up to 2,000 GBP (or the equivalent in another currency) with zero fees.
That means you can buy up to £2,000 worth of USD and when you transfer it to Nigeria, receive over 13,000 NGN.
Click here to set up a transfer or find out more. The scheme ends on May 8, 2021 so you’ll need to act fast.