• Fri. Mar 31st, 2023


..we are out to inform, Educate and sensitize people

Central Bank of Nigeria Launches Cash Swap Programme

As part of efforts to facilitate the circulation of its new naira notes, the Central Central Bank of Nigeria, (CBN), has launched a cash swap programme across the 25 local government areas in Delta state.

The apex bank performed the exercise Wednesday in Asaba, Okpanam, lselle Asagba, lselle Uku, Ubulu Uku in Oshimili South, Oshimili North and Aniocha North Local Government Areas of the state.

Leading the team, Sam Okejere, CBN, Banking Services, Abuja, supported by the apex bank branch controller, Mr Godwin Okafor, Delta, and other bank officials from CBN and commercial banks, said that the cash swap programme is in partnership with super agents and deposit money banks (DMBs) at different parts of the country.

He said the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and the existing lower denominations (N100, N50 and N20, etc) 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 deposit 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 are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,”

The bank also said that Super agents refer to companies licensed by the CBN to recruit for the purpose of agency banking and will sensitise customers on opening wallets, bank accounts and the various channels for conducting electronic transactions.

“Designated agents are eligible to collect the redesigned notes from DMBs in line with the revised cash withdrawal limit policy,. Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.” Okafor said.

While revealing principals (super agents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines, the bank said these agents will render weekly returns to their designated banks regarding the cash swap transactions while the banks shall in turn render the same to the CBN on a weekly basis.

Recalled CBN has last week launched sensitization campaigns in markets across Nigeria to educate citizens on the new notes.

It also vowed to sanction any commercial bank found hoarding the new notes. The old notes are expected to be out of circulation by the end of January.

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