Naira Redesign: CBN launches cash swap scheme for rural communities
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The Nigerian Central Bank announced the launch of a Cash Swap Programme for rural and underserved areas, which takes effect from Monday, January 23, 2023.
This was disclosed in a circular by the CBN on Friday evening to all Deposit Money Banks, Mobile Money Operators and Super Agents.
CBN stated that agents shall exchange a maximum of N10,000 per person.
Reasons: CBN noted that in furtherance of its Naira redesign policy, it has sustained its nationwide awareness programme, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks(DMBs) and mandated issuance of their new notes through Automated Teller Machines(ATMs) to ensure distribution is fair, transparent and evenly spread across the country.
- “In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the bank is launching a cash swap programme in partnership with Super Agents and DMB.”
Financial Inclusion: They added the programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes, adding the initiative takes effect from Monday, January 23, 2023:
- “The Old notes can be exchanged for the newly redesigned notes and for existing lower denominations ( N100,N50 and N20) which remain legal tender.
- “ The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
- “To promote financial inclusion, this service is also available to anybody without a bank account. Agents may on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace can exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.”
CBN added that Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered KYC framework, citing that this will ensure this category of the populace can exchange or deposit their cash seamlessly. They added:
- “Agents shall render weekly returns to their designated banks regarding the cash swap transaction, DMBs shall, in turn, render same to the CBN weekly”
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The Nigerian Central bank stated that any Bank still giving out old naira notes before the January 31st deadline for the redesign policy would be sanctioned.
CBN also warned Nigerians not to receive any old naira notes given to them by any bank in Nigeria. They said:
- Henceforth, When you go to any commercial bank and you are issued the old N200, N500 and N1,000 do not collect them because they would become useless as of Jan. 31.
- “We will henceforth sanction any bank found guilty of dispensing the old Naira notes at ATMs or over the counters to customers.
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