CEM REPORT, FINANCE | To ensure that the new naira design policy meets the rural and underserved areas the Central Bank of Nigeria (CBN) has announced a Cash Swap Programme.
The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.
According to a circular by the CBN on Friday evening to all Deposit Money Banks, Mobile Money Operators and Super Agents. Noted that the initiative takes effect from Monday, January 23, 2023
CBN stated that agents shall exchange a maximum of N10,000 per person.
“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.
“Agents shall render weekly returns to their designated banks regarding the cash swap transaction, DMBs shall, in turn, render same to the CBN weekly”
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.