PoS Cash Swap: Emefiele Has Shown He’s Interested In Upliftment Of The Poor – ACJHR Emefiele PoS
The statement reads, “Emefiele can be deemed to be monetary policy ‘God’. His recent policies are commendable and will leave a positive imprint in the country’s economy in the long run. There has been complains in some quarters on the reach and sensitization of some people, particularly in the rural areas regarding the old naira swap deadline, but the CBN is always ahead with great ideas and solutions and this POS cash swap initiative is the answer.
“The CBN when announcing the cash swap programme noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.
“The CBN, in a ‘Frequently Asked Questions’ document, also stated that before an interested party can be approved as an agent, some information like the individual’s name, BVN number, and operator’s name are required before the new notes will be released. This initiative and others recently introduced by the bank would help put a stop to money laundering, vote buying, ransom taking, counterfeiting and so on.
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