NewStats: 3,262,839 , 8,178,316 topics. Date: Tuesday, 03 June 2025 at 06:23 PM 454p1p

In furtherance of its Naira Redesign policy and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Central Bank of Nigeria (CBN) today launched a Cash Swap programme in partnership with Super Agents and Deposit Money Banks, DMBs.

The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.

Since the introduction of the new Naira notes, the apex bank has sustained its nationwide awareness and sensitization programmes, enforced speedy collection of the new notes at CBN branches by the DMBs and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure that distribution is fair, transparent and evenly spread across the country.

In a statement signed by its Director, Banking Supervision Department, Haruna B. Mustafa and the Director, Payments System Management Department, Musa I. Jimoh, the Bank said the initiative takes effect from Monday, January 23.

According to the programme, the old ₦1000, ₦500, ₦200 notes can be exchanged for the newly redesigned notes and, or the existing lower denominations (₦100, ₦50 and ₦20, ₦10 and ₦5) which remain legal tender.

Under the programme, agents can only exchange a maximum of N10,000 per person. Amounts above ₦10,000 may be treated as cash-in deposit into wallets or bank s in line with the cashless policy, with BVN, NIN, or Voter’s card details of the customers used for identification.

To promote financial inclusion, the service is also available to anybody without a bank . Agents may, on request instantly open a wallet or , leveraging the CBN Tiered KYC Framework. This will ensure that this category of the populace is able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

Agents are expected to sensitize customers on opening wallets, bank s and the various channels for conducting electronic transactions. The designated agents are also eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. The agents are also permitted to charge cash- out fees for the cash swap transactions but are prohibited from charging any further commissions to customers for this service.

In addition, the agents will render weekly returns to their designated banks regarding the cash swap transactions, while the DMBs will in turn render same to the CBN on a weekly basis. The Principals, namely Super Agents, MMOs, DMBs will be held able for their agents’ adherence to the above guidelines.

The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas.

To ensure the success of the programme, the CBN assured that it will continue to monitor its implementation and provide further guidance as may be necessary.

https://brandspurng.com/2023/01/24/naira-redesign-policy-cbn-launches-cash-swap-programme-in-rural/

F.T.C
dedicated it to all Nigeria's who lost their life under this government RIP to you

#a new 9ja is possible

With 7 days to go......

[img]https://giffiles./216/216404.gif[/img]

C.riminals

B.ankrupting

N.igeria

E

CBN serious o

Only 10k per person?

postbox:

https://brandspurng.com/2023/01/24/naira-redesign-policy-cbn-launches-cash-swap-programme-in-rural/

Ok na

Good initiative but should be less than 20k daily to exclude you know who.

Really?

Hmmm. This weak me. I have like 888,000,000 in my soak-away

CBN on point

I love this.

so they are just launching cash swap in remote areas.... with less than 10 days to go

fine

Ee

Wahala Wahala wahala

It's the poor masses who going to suffer along with middle classes.

Ok

Greystone:
Only 10k per person?

isn't it just wonderful?
with less than 10 days to the deadline.

if mega bank branches in the big cities still have shortage NEW CURRENCY problems then how will the people in the hinterlands cope?

K

In addition, the agents will render weekly returns to their designated banks regarding the cash swap transactions, while the DMBs will in turn render same to the CBN on a weekly basis

I think we have just one week for this old notes as legal tender in accordance with the CBN directives. We need to get serious in this Country.

What they wrote above is an indication that; there will definitely be an extension to this policy.

If Nigeria was a sane country, the entire nation would have been on it knees begging and pleading with peter Obi to become president of Nigeria with immediate effect.

Fools like Tinubu and Atiku would have since been thrown in jail by now.

Ok

This APC-led government took see-finish of the Nigerian masses to a whole new level.

Make I see how people go vote this useless party in February

We joke alot in dis country... There is no way that deadline won't be extended, some people have not even seen d new notes

What they should have done since. Always doing the first thing last. Very backward set of criminals.

Less than 7 days to go. This is bad

The deposit likely comes with charges