The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs).
The apex bank said this in a circular on Friday, jointly signed by Haruna Mustafa, director, banking supervision department; and Musa Jimoh, director, payments system department.Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.It said the initiative is aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.
To promote financial inclusion, the CBN said the service is also available to anybody without a bank account. This, according to bank, 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.
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