First Bank gives N5 per dollar received

First Bank of Nigeria Limited has said it is rewarding customers with N5 for every dollar received through foreign remittances.

“This N5 for a dollar incentive is paid to First Bank’s customers regardless of their preference to collect the USD as cash across the counter in any of the bank’s over 750 branches nationwide or as transfer into the customers domiciliary accounts,” it said in a statement.

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The Central Bank of Nigeria (CBN) launched the ‘Naira 4 Dollar scheme’ on Monday to promote diaspora remittances into the country from March 8 to May 8, 2021.

The bank said a customer that receives $10,000 gets N50,000 as reward.

First Bank’s CEO Dr Adesola Adeduntan said: “We are pleased to participate in the CBN’s ‘Naira 4 Dollar scheme’ as it will contribute to deepening financial inclusion in Nigeria. Indeed, it’s an activity we are pleased to lead, whilst promoting access to funds across the nooks and crannies of the country in almost 127 years of our existence.”

The bank said it pioneered international funds transfer and remittances over 25 years ago and has been at the forefront of promoting cross border payments in the country, having started the journey with Western Union Money Transfer.