The central bank of Nigeria (CBN) has maintained that the 31st January 2023 deadline to stop using the old naira currency notes is sacrosanct.
However, CBN has launched a cash SWAP programme effective today, January 23rd, 2023 in partnership with super agents and Deposit Money Banks to do cash exchange with people in rural areas.
The highlights of the cash swap programme are as follows;
- The old currency notes of N200, N500 and N1000 can be exchanged with either the new notes of the same denominations or lower notes that were not redesigned.
- Agents can only exchange a maximum amount of N10,000. However, amount exceeding N10,000 can be treated as cash-in deposits into wallets or bank accounts in line with the cashless policy. BVN, NIN or voters card details of the customer should be captured as much as possible.
3.This service is also available for people without bank accounts. The agent can open an instant wallet or bank account for the customer in line with tiered KYC framework.
- Agents shall sensitise customers on opening wallet/bank accounts and the various channels for conducting electronic transactions.
- Designated agents are authorised to collect the new redesigned naira notes from banks in line with the revised cash withdrawal policy.
- Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further commission from customers for this service.
- Agents shall render weekly reports to the banks and the banks shall render weekly reports to the CBN on the cash swap transactions.
- Cash swap agents will be readily identifiable in all Local Governments Areas, particularly those in rural areas.
This is for your information and guidance.
