The Central Bank of Nigeria has said as part of its plans to phase out the old naira notes, it will commence currency swap in the rural areas on Monday (today).
The CBN disclosed this in a circular to all Deposit Money Banks, Mobile Money Operators, super agents and agents, titled ‘Naira redesign policy: CBN launches cash swap programme in rural/undeserved areas’.
The circular was signed by the Director, Banking Supervision Department, Haruna Mustafa, and Director, Payment System Management Department, Musa Jimoh. It stated, “In furtherance of its naira redesigned policy, the CBN has sustained its nationwide awareness/ sensitisation programmes, enforced speedy collection of the new notes at the CBN branches by the DMBs and mandated issuance of the new naira notes through Automated Teller Machines 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 undeserved and rural communities can exchange their naira, the Bank is launching a cash swap programme in partnership with super agents and DMBs. The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Naira Redesign: Yobe governor appeals to CBN to extend deadlineDespite calls from Nigerians, including the Senate, which appealed to the CBN to extend the deadline to 30 June, the CBN has doubled down on the original deadline.
Read more »
Concerns trail CBN’s deadline, scarcity of new naira notes | The Guardian Nigeria News - Nigeria and World NewsNigerians, particularly entrepreneurs, are worried about the failure of banks to roll out new naira notes, few days to the expiration of the deadline set by the Central Bank of Nigeria (CBN).
Read more »
Naira redesign: CBN launches cash swap programme in ALL LGAs | TheCableThe Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs).
Read more »
CBN accuses banks of hoarding N4.5bn redesigned notes - Daily TrustThe Central Bank of Nigeria (CBN) has accused some commercial banks in Port Harcourt, Rivers State, of refusing to dispense the sum of...
Read more »
CBN Steps up Nationwide Sensitisation on New Naira Notes – THISDAYLIVE
Read more »
Banks battle pressure, CBN slashes new naira allocationTen days to the January 31 deadline set by the Central Bank of Nigeria for the old N1,000, N500 and N200 notes to cease being legal tender, Saturday PUNCH has discovered that the apex bank has reduced the amount it makes available to Deposit Money Banks from N4bn weekly to N700m.
Read more »