CBN: We’ll ensure circulation of new naira notes in rural areas

The Central Bank of Nigeria (CBN) has allayed the fears of rural dwellers at accessing the new naira notes before they cease to become legal tender on January 31, 2023.

The CBN stated that it would launch a cash swap programme in rural and underserved areas of the country on Monday to boost collection of the redesigned naira notes.

It noted that the launch was informed by the need to maximise the channels through which underserved and rural communities could exchange their naira notes.

The apex bank made this known via a statement jointly signed by its Director, Banking Supervision Department, Haruna Mustapha, and Director Payment System Management Department, Musa Jimoh, on Friday.

The CBN stated that the launch would hold in partnership with Deposit Money Banks (DMBs) and with super agents.

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“It enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones.

“The old N1,000, N500, and N200 notes can be exchanged for the redesigned notes or existing lower denominations of N100, N50, and N20 which remain legal tender.

“The super agents can exchange a maximum of N10,000 per person, while amounts above M10,000 shall be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy.

“Bank Verification Number, National Identification Number or Voter’s Card details of the customer should be captured as much as possible,” the apex bank noted.

The CBN added that it had mandated DMBs to ensure issuance of the new notes strictly through Automated Teller Machines (ATMs).

It stated that the mandate was to ensure that distribution of the new currency notes is fair, transparent, and evenly spread across the country.

The Star