Naira Cashback Incentive
The Central Bank of Nigeria has launched a cashback incentive on money sent in USD to recipients in Nigeria. This promotion is being run in conjunction with the banks in Nigeria.
How does the promotion work?
For every $1 sent, your recipient will receive 5 Naira from the Central Bank of Nigeria in addition to the money you send. For example, if you send 100 USD, your recipient will receive 100 USD plus a bonus of 500 Naira. Please note: the promotion applies to money sent in USD via Cash Pickup and Bank Transfer.
When does the promotion end?
This promotion is valid from Monday 8th March 2021 and ends on Saturday 8th May 2021.
Which banks are participating in this promotion?
All banks in Nigeria.
Will the bank be changing USD funds sent into Naira?
No, your recipient will receive the USD funds sent in USD. It is only the cashback that will be given in Naira.
What happens if my recipient does not receive the Naira?
The 5 Naira promotion is a Central Bank of Nigeria incentive in conjunction with the banks. If your recipient is unable to collect the Naira for any reason, kindly ask them to contact the bank you sent the funds to directly.