Update on New Naira Notes: CBN allays rural dwellers’ fears about access

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*Sensitises Bayelsa traders

WorldStage Newsonline—The Central Bank of Nigeria (CBN) has allayed the fears of rural dwellers at accessing the new naira notes before they cease to become legal tender on Jan. 31.

It stated that it would launch a cash swap programme in rural and underserved areas of the country on Monday to boost collection of the redesigned naira notes.

It added that the launch was informed by the need to maximise the channels through which underserved and rural communities could exchange their naira notes.

The launch would hold in partnership with Deposit Money Banks (DMBs) and with super agents.

“It enables citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned ones.

“The old N1,000, N500 and N200 notes can be exchanged for the redesigned notes or existing lower denominations of N100, N50 and N20 which remain legal tender.

“The super agents can exchange a maximum of N10,000 per person, while amounts above M10,000 shall be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy.

“Bank Verification Number, National Identification Number or Voter’s Card details of the customer should be captured as much as possible,’’ the bank stated.

It added that it had mandated DMBs to ensure issuance of the new notes strictly through Automated Teller Machines.

It stated also that the mandate was to ensure that distribution of the new currency notes is fair, transparent, and evenly spread across the country.

The statement was signed jointly by Malam Haruna Mustapha, CBN’s Director, Banking Supervision Department, and Malam Musa Jimoh, Director Payment System Management Department.


CBN took its sensitisation campaign on the new naira notes to major markets in Bayelsa on Friday.

The Yenagoa Branch Controller of CBN, Mr Francis Asuquo, said the campaign was geared to enlighten Nigerians on the redesigned currency.

Asuquo said the redesigning of the naira was aimed at checking counterfeit currencies, money laundering and control of naira in circulation.

He told the traders that redesigning of the naira was also part of efforts to improve the nation’s currency, the financial system and the economy.

He said that the policy would tackle the challenges of excess naira in circulation, money laundering and inflation among others.

Asuquo warned that there was no going back on the Jan. 31 deadline for the old notes to cease being legal tender.

Officials of the CBN visited the Swali Ultramodern Market and the Kpansia Market for the exercise.

CBN officials also sensitised the traders on e-Naira, digital currency and rights of consumers.

The event featured an interactive session with the traders making enquiries on the redesigned naira and other policies of the CBN.

CBN officials from Abuja had earlier visited some commercial banks in Yenagoa to ascertain the compliance level of dispensation of the redesigned notes to customers through Automated Teller Machines.