Polaris Bank begins ‘Naira 4 Dollar’ payments




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Polaris Bank has commenced implementation the Central Bank of Nigeria’s (CBN) ‘Naira 4 Dollar Scheme’ under which recipients receive N5 for every dollar received into domiciliary accounts or as cash over the counter.

Its Managing Director, Mr Innocent Ike said there growing evidence a positive relationship between diaspora remittances and growth, adding that the bank will continue to contribute its quota to enhancing development in the country.


He explained that the extra cash payment is in line with the CBN’s directive and fully aligns with efforts to encourage the inflow diaspora remittances into the country.

He described the “CBN Naira 4 Dollar Scheme” as an unprecedented incentive for senders and recipients international money transfers, noting that the which took effect from March 8, 2021 will run till May 8, 2021.

“We have started paying extra N5 every dollar to beneficiaries at our branches. This is in addition to the foreign currency they receive from their family and abroad,” Ike said.

He said Polaris Bank is committed to delivering products and services across all sectors.

The Nation