Spread the love
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 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.
It said the initiative is aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.
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.
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”.
READ ALSO: Gumi reacts to CBN move to redesign naira
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”
It said agents may, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer (KYC) framework.
This, according to the bank, will ensure that this category of the populace (unbanked citizens) are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
CBN also directed agents to sensitise customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.
“Designated agents are eligible to collect the redesigned notes from DMBs in line with the revised cash withdrawal limit policy,” the circular adds.
“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.
“Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render the same to the CBN on a weekly basis.
CBN said cash swap agents would be readily identifiable in all local governments, particularly those in the rural areas.
You may be interested
BBTitans Sandra: How I Escaped Being R*ped TwiceWebby - February 5, 2023
The recently evicted Big Brother (BBTitans) housemate, Sandra Essien, has gone down memory lane. She recounted how she escaped being…
Suspected Bandit Informant And Food Supplier Apprehended In Niger State (Photo)Webby - February 5, 2023
Ibrahim Ali, a 25-year-old man, also known as Bajala, has been arrested in Niger State. The young man who is said…
Do Politicians Truly Care About You? – Rufai Oseni Asks After Governors Visited President Buhari Over New Naira NotesWebby - February 5, 2023
Popular Nigerian media personality, TV host and speaker, Rufai Oseni, has asked an important question in the wake of naira…