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New naira notes: CBN introduces cash swap programme



The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money institutions (DMBs).

This was stated in a circular published by the central bank on Friday and signed by Haruna Mustafa, director of banking supervision, and Musa Jimoh, director of payments system.

The circular was issued to all DMBs, mobile money operators (MMOs), super agents, and agents and will take effect from Monday 23, January 2023.

With the new development rural dwellers and Nigerians living where there are no banking services can swap their old N1,000, N500 and N200 notes for the redesigned notes.

Read also:Banks to pay N1m daily as CBN moves to enforce distribution of new Naira notes

CBN had insisted that anybody who wished to have the redesigned notes must open a bank account and deposit their old notes.

Under the new initiative, agents can only 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”.

Agents are also required to demand for BVN, NIN, or Voter’s card details of the customers before accepting to exchange more than N10,000.

The new cash swap programme, the CBN said “is also available to anybody without a bank account.

“Agents were urged to open a wallet or account instantly upon request, “leveraging the CBN Tiered KYC Framework”.

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