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Naira Redesign: CBN Deploys Agents Across Nation, Urges Banks To Release Notes

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The Central Bank of Nigeria (CBN) has engaged its agents to fast-track its cash swap policy in states across the nation and has ordered Deposit Money Banks (DMBs) to release the new naira notes to customers including the Point of Sale (POS) operators. The Apex embarked on a sensitization program on Monday 23rd January 2022, to enlighten those in the rural communities on the currency swap programme as part of plans to phase out old naira notes and enhance the collection of new notes.

This programme is being implemented by the CBN official monitors and Deposit Money Banks (DMBs).

CBN Director of Human Resources, Hajiya Amina Habib on Saturday 28th January 2022, during a sensitization conference Dutse, noted that the daily cash swap limit is N10,000 and transfers per head, adding that amount above N10,000 would be treated as deposits. Adding that this will increase the circulation of the redesigned naira notes, especially in rural areas.

Likewise, in Katsina on Saturday, The Director, of currency operations of the CBN, Alhaji Ahmed Bello-Umar, disclosed that the CBN has issued over N120 million of the new currency to four banks for disbursement to people within the State through some agents. He continued by stating the reason agents were employed, "the aim of engaging the agents with the relevant licenses was to reduce the challenge of accessing the new currencies in some communities, especially the rural areas" - Bello-Umar

In relation to the efficient circulation of redesigned notes, the CBN Controller, Zamfara state, Alhaji Buhari Abbas, has ordered DMBs within the state, to release the new naira notes to Point of Sale (POS) operators. He noted that this directive is coming against the backdrop of public outcry over the scarcity of the new banknotes, as traders and businesses in the area refused transactions in old naira notes.

He however stated that the apex bank would not condone currency hoarding, warning that defaulters would be sanctioned.