The Central Bank of Nigeria (CBN) has announced a cash swap policy that allows for rural and underserved areas of the country to exchange old notes of N200, N500, and N1,000 for newly designed notes.
This cash swap program is set to start on January 23, 2022, and provides up to N10,000 per person while anything above that should be treated as deposits.
The circular specifying the policy also states that this issuance of new notes should be fair and transparent in order to ensure maximum distribution across the country.
Also, it encourages financial inclusion by allowing those without bank accounts to open one via the CBN Tiered KYC Framework.
Likewise, designated agents collecting the new notes from banks must also adhere to specific guidelines including weekly returns and charging fees only for cash swap transactions but not additional commissions.
These agents will be readily identifiable in all local government areas so implementation can easily be monitored by the CBN.
Article updated 4 days ago. Content is written and modified by multiple authors.
