CBN Introduces Cash Swap Policy for New Notes in Villages, Others

The Central Bank of Nigeria (CBN) in the quest to achieving seamless swap of old notes for the new ones, has introduced cash swap policy in villages and financially included areas ahead of the January 31 deadline for the old notes to cease being legal tender.

It is to be launched on January 23 in partnership with super agents, the apex bank said in a statement issued Saturday.

The circular: ‘BSD/DIR/PUB/LAB/15/022, was addressed to Deposit Money Banks, Mobile Money Operators, Super Agents and Agent Naira Redesign Policy.

The CBN redesigned the N1,000, N500 and N200 notes in December with the plan to withdraw the old notes by the end of January, but the new notes have been poorly circulated by the apex bank.

The CBN said the poor circulation resulted to the Swap Programme.

But the apex bank said rural dwellers and participants will pay agents an unspecified amount as fee to swap the new N1, 000, N500 and N200 notes.