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CBN launches “Old naira notes to New naira notes” swap programme in all LGAs in Nigeria



CBN launches "Old naira notes to New naira notes" swap programme in all LGAs in Nigeria

The Central Bank of Nigeria (CBN) has announced the launch of a new cash swap programme, set to be effective from Monday, January 23, 2022. This initiative aims to enable citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.

The old notes are expected to be out of circulation by January 31. The circular, jointly signed by Haruna Mustafa, director of banking supervision department, and Musa Jimoh, director of payments system department, was addressed to all DMBs, mobile money operators (MMOs), super agents and agents.

The CBN said that agents may exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured.

Furthermore, to promote financial inclusion, the CBN said that the service is also available to anybody without a bank account. Agents may, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer (KYC) framework.

Designated agents are eligible to collect the redesigned notes from DMBs in line with the revised cash withdrawal limit policy.

Agents are permitted to charge cash-out fees for the cash swap transactions, but prohibited from charging any further commissions to customers for this service. Agents are required to render weekly returns to their designated banks regarding the cash swap transactions which DMBs shall in turn render to the CBN on a weekly basis.

Principals (super agents, MMOs, DMBs) shall be held accountable for their agents adherence to the guidelines. Cash swap agents will be readily identifiable in all local governments, particularly those in the rural areas.

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