Business
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”.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...