The Central Bank of Nigeria has launched a cash swap programme in both urban and rural areas of the nation
This information was disclosed on the CBN website in a circular to all deposit money institutions, mobile money services, super agents, and agents.
The central bank of Nigeria (CBN) has introduced a nationwide awareness and sensitization program, to enforce the speedy collection of the new naira notes at CBN branches by deposit money banks, and mandated issuance of the new notes through automated teller machines to ensure distribution is fair, transparent, and evenly speedy across the country. However, the CBN emphasized that in order for anyone to change the old naira note; they must own a valid bank account.
In the circular titled “Naira Redesigned Policy,” the CBN disclosed that the program was introduced due to the recognition of the need to maximize channels through which undeserved and rural communities can exchange their naira. Under the new initiative, the CBN stated important guidelines that must be followed which are:
The old N1000, N500, and N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denomination (N100, N50, and N20), which remain legal tender.
Agents 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,
Agents may instantly open a wallet or account upon request, leveraging the CBN Tiered KYC Framework.
Agents shall sensitize customers on opening wallets and bank accounts and the various channels for conducting electronic transactions.
Agents are permitted to charge cash-out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for this service.
Deposit banks, super agents, and mobile money operators will be held accountable for their agents’ adherence to the above guidelines.
Cash swap agents will be readily identifiable in all local governments, especially in the rural areas of Nigeria.
The CBN has been promised to monitor the implementation of the program and provide further guidance if necessary.
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