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Naira redesign: CBN launches cash swap for rural dwellers

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Naira redesign: CBN launches cash swap for rural dwellers
CBN on Friday in Abuja allayed the fears of rural dwellers at accessing the new naira notes before they cease to become legal tender on Jan. 31.

It stated that it would launch a cash swap programme in rural and underserved areas of the country on Monday to boost collection of the redesigned naira notes.

It added that the launch was informed by the need to maximise the channels through which underserved and rural communities could exchange their naira notes.

The launch would hold in partnership with Deposit Money Banks (DMBs) and with super agents.

“It enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones.


Naira redesign: CBN launches cash swap for rural dwellers

“The old N1,000, N500 and N200 notes can be exchanged for the redesigned notes or existing lower denominations of N100, N50 and N20 which remain legal tender.

“The super agents can exchange a maximum of N10,000 per person, while amounts above M10,000 shall be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy.

“Bank Verification Number, National Identification Number or Voter’s Card details of the customer should be captured as much as possible,’’ the bank stated.

It added that it had mandated DMBs to ensure issuance of the new notes strictly through Automated Teller Machines.

It stated also that the mandate was to ensure that distribution of the new currency notes is fair, transparent, and evenly spread across the country.

The statement was signed jointly by Malam Haruna Mustapha, CBN’s Director, Banking Supervision Department, and Malam Musa Jimoh, Director Payment System Management Department.

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