Skip to main content

New Notes: CBN Establishes LGA Cash Swap Centres

 



The Central Bank of Nigeria ( CBN) has established Cash Swap Centres across the 774 Local Government Ares of the federation.

This was contained in a circular issued by the apex bank at the weekend.

Signed by Haruna Mustafa an Musa Jimoh, Directors of Banking Supervision and Payments Systems , respectively and dated January 20, 2023, the circular indicated that the Cash Centres would commence operations tomorrow.


Addressed to Deposit Money Banks (DMBs), Mobile Money Operators , Super Agents and Agents, the circular said that the exercise would enable rural dwellers to seamlessly change their old Naira Notes for the redesigned ones.

It reads in part::

“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:


The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) 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 deposit 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 are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

*Agents shall sensitize 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. 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 same to the CBN on a weekly basis.

*Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.

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

*The CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”

Comments

Post a Comment

Popular posts from this blog

Man Arrested For The Horrific MURDER Of 4-Year-Old Neighbor

  Man Arrested For The Horrific MURDER Of 4-Year-Old Neighbor A devastating tragedy has shocked and deeply saddened the community of the peaceful town of Nsukka . On Orba Road in the Nsukka Local Government Area of Enugu State, a once-calm neighborhood has been the scene of an unbelievable crime that has rocked the community to its core. This article explores the horrific murder of Zinachukwu Ugwu , a 4-year-old girl whose life was cruelly taken in a violent incident. In addition to destroying a family, the incident has sparked serious concerns about public safety, neighborhood watchfulness, and the triggers for such wicked acts. The Ugwu family's life tragically turned around in the early morning hours of what appeared to be a typical day. Zinachukwu Ugwu , four, a kid with a lively personality and a bright smile, was asleep in her house and was oblivious to the impending danger. Even though her mother and siblings were still living in the house, what happened next would hav
Post a Comment
Read more

"Tragedy in Lagos" The Shocking Assassination of a Monarch's Son and Its Far-Reaching Impact

Tragedy in Lagos: The Shocking Assassination of a Monarch's Son and Its Far-Reaching Impact The community in Lagos is shocked and in disbelief after Prince Demola Akinloye, the first son of His Royal Highness Tijani Akinloye, the Ojomu of Ajiran land, was brutally murdered in broad daylight. The terrible incident happened on Monday, August 27, 2024, on Chevron Drive in Lagos State's Lekki neighborhood, which is generally recognized for being a safe and prosperous area. This horrible act has not only made the community terrified but also given rise to grave worries about security in one of the most wealthy areas in Lagos. Prince Demola Akinloye was a well-known person and likely successor to the throne of Ajiran. He was assassinated in broad daylight, shocking Lagos. The normally lively, everyday activity that pervaded Chevron Drive's streets was abruptly replaced with a terrifying scene. The community was quickly alerted to the assassination, which resulted in widespread
Post a Comment
Read more

Four Arrested For Motorcycle And Electrical Equipment Theft

Four Arrested For Motorcycle And Electrical Equipment Theft   The Ogun State Police Command has detained four people in connection with two different but equally concerning theft incidents, in a dramatic order of events that highlights the rising tide of crime in Ogun State. These crimes have shocked the people of Ijebu-North-East and Obafemi-Owode Local Government Areas . They involved the theft of a valuable motorcycle and the looting of important electrical installations. While there has been some respite following the prompt capture of the suspects, these incidents also underscore the increasing worries about property security and the audacity of criminal activity in the area. In the first incident, a motorcycle worth N630,000 was stolen in the Atan-Ijebu neighborhood of Imeruro. When the 30-year-old suspect, Bamidele Ogunbowale , first approached Olakunle Olagoke , the owner of the motorcycle, he seemed sincere in his desire to buy it. The arrangement was a simple installment plan
Post a Comment
Read more