The Central Bank of Nigeria(CBN) has directed deposit money banks, super agents as well as mobile money operators to swap the old N200, N500 and N1,000 for the newly redesigned notes.
Hence, they are expected to swap up to N10,000 per person while amounts above N10,000 are to be treated as deposits.
This, it was learnt, was to speed up permeation of the new Naira notes, particularly, in the rural areas of the country.
In a circular issued and signed by the director, Banking Supervision department, CBN, Haruna B Mustafa and the director of Payment System Management Department, CBN, Musa Jimoh titled ‘Naira Redesign Policy: CBN Launches Cash Swap Programme in Rural/Underserved Areas’ released on Friday night, the apex bank said, the swap, which would be effective on Monday, January 23, 2022, is expected to enhance the availability of the new notes and ensure people don’t loose their money as a result of the policy.
With the circular, super agents, banks and MMOs operating in rural areas are expected to swap up to N10,000 per person while amounts above N10,000 are to be treated as deposits.
The circular reads:
“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.