The Central Bank of Nigeria, CBN, has established cash swap centres across the 774 Local Government Areas of the federation, to commence operations on Monday, 23rd January, 2023.

This was contained in a circular issued by the apex bank dated January 20th, 2023, signed by Haruna Mustafa and Musa Jimoh, Directors of Banking Supervision and Payments Systems, respectively.

It added that the exercise is to enable rural dwellers to seamlessly change their old Naira Notes for the new redesigned ones.

“In furtherance of its Naira Redesign policy, the Central Bank of Nigeria (CBN) has sustained its nationwide awareness/sensitization programmes, enforced speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.
“In addition to these measures and in recognition of the need to maximise the channels through which underserved and rural communities can exchange their Naira, the Bank is launching a cash swap programme in partnership with Super Agents & 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.
“The initiative takes effect from Monday, January 23, 2023 as follows

According to CBN, it will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost and continue to monitor implementation of the programme and provide further guidance as may be necessary.

Story: Christy Dung