CBN Introduces Cash Swap Policy For New Notes In Villages, Others CBN
“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 & 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.
It stressed that, “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.
According to CBN, “designated agents are eligible to collect the redesigned notes from MBs 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.MBs shall in tum render same to the CBN on a weekly basis. Principals shall be held accountable for their agents’ adherence to the above guidelines.
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