The Central Bank of Nigeria has sustained its nationwide awareness/sensitization, programmes enforce speedy collection of the new notes at CBN branches by the deposit money banks (BDMs) and mandated issuance of the new notes through automated teller machine (ATM) to ensure distribution is fair, transparent and evenly spread across the country.
This was made known via CBN circular sent across to all deposit making banks (DMBs), mobile money operators, super agents and agents.
It was written in the circular that “ the program 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 on Monday, January 23, 2023 as follows:
1. The old N1000, N500,N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50, N20) which remain tender legal.
2. The agent shall exchange the minimum of N10,000 maybe treated as cash in deposit 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. To promote financial inclusion, this service is also available to anybody without a bank account, agent, agent may instantly on request open a wallet or account, leveraging the CBN tiered KYC framework. This will ensure that this category of the populace are able to exchange or deposit seamlessly without taking unnecessary risks or incurring undue cost.
4. Agents shall sensitize customers on opening wallets/bank account and the various channels for conducting electronic transactions
5. Designated agents are eligible to collect the redesign notes from DMBs in line with the revised cash withdrawal limit policy. Agents are also permitted to charge cash out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.
6. Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turns render the same to the CBN on a weekly basis.
7. Principals (super agents, MMOs, DMBs) shall be held accountable for their agents’ adherence to the above guidelines.
8. Cash swap agents shall be readily identifiable in all local governments, particularly in rural areas.
