The Guaranty Trust Bank (GTBank), Stanbic IBTC, others have been excluded from the cash swap programme by the Central Bank of Nigeria (CBN).
Ripples Nigeria had reported that the central bank initiated a cash swap programme in collaboration with deposit money banks (DMBs), Super Agents, Mobile Money Operators (MMO) and PoS agents to increase the distribution and circulation of the new naira notes in rural and underserved areas.
Among the about 11 commercial banks operating in the country, the central bank selected United Bank for Africa (UBA), Zenith Bank, First City Monument Bank (FCMB), First Bank of Nigeria (FBN) Holdings, and Access Bank Plc to facilitate the handover of the redesigned cash to PoS agents.
This was disclosed in a Frequently Asked Questions circular that outlines the guidelines and sanctions of the cash swap programme which was handed to some agents.
Also, the financial regulator said some agents won’t be allowed to participate in the cash swap programme, ruling out those in Lagos and the nation’s capital, Abuja.
“Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB),” the document reads.
The central bank added, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.”
According to the apex bank, any agent caught using the new naira obtained from their respective banks for something different other than handing it to customers in exchange for old cash will be sanctioned.
It was gathered that erring agents would be de-listed, blocked from future central bank programmes, as well as face other penalties.
“There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities,” CBN wrote.
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