CBN Begins Cash Swap Programme In Some Rural Communities.

Ahead of the January 31st deadline date given to return the old naira notes,the central bank of Nigeria has commenced a cash swap programme in some rural areas in different states of the country.

According to a CBN official who spoke to DAILYNEWSLINK during the programme in Otuoke Bayelsa state on Friday, said that the programme is an initiative of the central bank to distribute the new design naira notes to some rural communities.

“The Cash Swap Programme (Cash Swap) of the Central Bank of Nigeria (CBN) provides another channel for Nigerians, especially those in the rural areas or those with limited access to formal financial services to easily exchange old Naira notes for the redesigned notes.

“This programme began since Monday, January 23rd, 2023 and will end on 31st January 2023.

“In this programme,consumers can exchange the old notes (N1000, N500, & N200) for the redesigned notes or the existing lower denominations which have not been redesigned (N100, N50 & N20).

Read More;Naira Redesign Waste Of Money -LP VP Blast FG.

“The Cash Swap Agents, also known as Agent Banking Representatives or POS agents are available for members of the public to exchange their old notes for new ones or make cash deposits into their accounts.

“The maximum amount to be exchanged per person through the agents shall be N10,000.the agents will also accept any mount above N10,000. However, this will be treated as cash-in deposits as the agents would deposit the amounts into the depositors’ account or wallet.

And when asked in a situation whereby a person do not have any account where his/her will be deposited They said;

“Where the person does not have a bank account or a wallet, his/her consent will be obtained, and an account or wallet opened for him/her and the amounts deposited accordingly.