Redesigned Naira Notes: CBN Launches Cash Swap Scheme For Rural Communities

The Central Bank of Nigeria (CBN) has announced the launch of a Cash Swap Programme for rural and underserved areas, which will take effect from Monday, January 23, 2023.

The disclosure was made in a circular released by the CBN on Friday evening to all Deposit Money Banks, Mobile Money Operators and Super Agents.

CBN stated that agents shall exchange a maximum of N10,000 per person.

"The old notes can be exchanged for the newly redesigned notes and for existing lower denominations (N100, N50 and N20) which remain legal tender.

“The agent shall exchange a maximum of N10,000 per person.

"Amounts above N10,000 may be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy.

"BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.

“To promote financial inclusion, this service is also available to anybody without a bank account.

"Agents may on request instantly open a wallet or account, leveraging the CBN Tiered KYC Framework.

"This will ensure that this category of the populace can exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.”