Friday, September 17, 2021
pool-ads
Home Latest News Policy and regulation Nigeria Is Now Rewarding Citizens for Using Licensed Money Senders, Not Crypto

Nigeria Is Now Rewarding Citizens for Using Licensed Money Senders, Not Crypto

According to a report by the BBC, the Central Bank of Nigeria (CBN) is incentivizing citizens to use licensed international money transfer operators (IMTOs) to send and receive money.

In a letter dated March 5 and signed by Associate Director A.S. Jibrin, the CBN stated that it launched the “Naira 4 Dollar Scheme” for remittances in a bid to funnel payments from abroad through official channels.

According to Coindesk, the incentive program went into effect on Monday and ends May 8.

The letter reads:

“In effect, a typical recipient of diaspora remittances will, at the point of collection, receive not only the USD sent from abroad but also the additional [5 naira] per [1] USD received.”

In February, the CBN issued a five-page statement clarifying its position on cryptocurrencies, saying they are not a form of legal tender in Nigeria.

However, cryptocurrencies remain a popular option in the West African nation.

Nigeria is by far the leading country in Sub-Saharan Africa for peer-to-peer bitcoin trading volume, according to data site UsefulTulips.

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

SourceCoinDesk

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
magazine-ads

Must Read