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  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.