CBN Advises Nigerians to Exchange Old Naira Notes at POS Machines

The Central Bank of Nigeria (CBN) has urged Nigerians to utilise Point of Sale (POS) machines and open Savings accounts to make the transition to the redesigned Naira easier.

Mrs Rasheedat Mangunu, Director of Protection at the CBN, made this statement during a monitoring exercise in Ilorin.

This comes after the CBN announced on Jan. 25 that it would distribute POS to 30,000 super-agents across the country, each with a cash sum of 500,000 for use in exchanging old notes for new.

According to Mangunu, recently there have been growing levels of financial literacy as well as an extension of the deadline for spending old Naira notes.

She advised people living in rural areas especially to use the super-agents to easily open bank accounts with less stress using only National Identity Card.

Saheed AbdulRazaq, one POS agent in Isale Bani Alore Area noted that while he had been exchanging notes with residents since last week, many had not been able to acquire enough new notes due to his withdrawal capacity being unable meet demands.

In response, Mangunu assured citizens that all financial institutions will be involved adequately and all agents will receive enough cash for their operations.

People were also reminded that they can contact CBN via 08176656721 or 07080650991 or email address: [email protected] should they encounter any issues or complaints related to accessing their money and exchange their old notes for new ones.