NEWS

CBN INTRODUCED LOCAL GOVERNMENT OLD NOTE / NEW NOTE SWAP CENTERS Across 774 LGA

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:

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