• Business - Companies
  • Updated: January 28, 2023

Cash Swap: CBN Engages 200 Agents In Jigawa

The Central Bank of Nigeria (CBN) has engaged 200 agents to fast-track its cash swap policy in Jigawa.

The CBN on Monday embarked on a currency swap programme in rural communities as part of plans to phase out old naira notes and enhance the collection of new banknotes.

Hajiya Amina Habib, the Director of Human Resources at CBN Headquarters stated this at a news conference on Saturday in Dutse.

She noted that the daily cash swap limit is N10,000 and transfer per head, adding that amount above N10,000 would be treated as deposits.

According to her, the gesture is aimed at increasing the circulation of the redesigned naira notes, especially in rural areas.

“Within Jigawa State, we have about 200 agents engaged because we’ve noticed that in rural areas, we have unbanked communities as banks have no physical presence in those areas, hence the need to have agent banking services.

“The agents are actually representing the banks in those communities providing financial services to the people like opening accounts, accepting monies on their behalf so that the rural dwellers are able to lodge or withdraw.

“We’re making a lot of impact in the rural areas from the feedback we’re getting, and our staff and the super agents are in various locations across the state to monitor the situation, and to ensure that the new naira notes circulate,” she said.

The director further urged residents of the state to begin using mobile apps, like transfer, and Point of Sale (POS), amongst others for cashless transactions.

According to her, the apex bank will encourage people, especially rural dwellers to open bank accounts to enhance financial inclusion.

“Financial inclusion is actually on the increase in terms of the number of people that are opening up bank accounts to put their monies and this is very good for the economy.”

On alleged rejection of the old naira notes by some traders and PoS operators, Habib warned that the old notes still remain legal tender until January 31.

“The CBN has done a lot and is still doing a lot in terms of sensitisation that the old notes are still legal tender up to the 31st of January.

“You should still accept it as legal tender and be able to deposit them in banks.”

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Felicia Abisola  Olamiji
Felicia Abisola Olamiji

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