As a result of the decision of the Central Bank of Nigeria (CBN), to phase out the old naira notes by January 31, 2023, the CBN launched a cash swap programme to reach out to the grassroots residents.
The decision is coming, in view of the commercial bank’s failure to make the new naira notes available to the masses in spite of the CBN’s threat to sanction.
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A Civil Society Organisation, African Centre for Justice and Human Rights (ACJHR), has hipped praises on the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, for the Point of Sales (PoS) cash swap initiative.
The group’s strategic communication consultant Comrade Abubakar Isa explained that with this initiative, Emefiele can be deemed to be a monetary policy ‘God’.
Isa described the cash swap programme is a master protective strategy for the vulnerable and economically disadvantaged.
According to him, Emefiele and President Muhammadu Buhari deserve praise for introducing this initiative to the unbankable population.
The statement reads: “Emefiele can be deemed to be monetary policy ‘God’. His recent policies are commendable and will leave a positive imprint on the country’s economy in the long run.
“There have been complaints in some quarters on the reach and sensitisation of some people, particularly in the rural areas regarding the old naira swap deadline, but the CBN is always ahead with great ideas and solutions and this POS cash swap initiative is the answer.
“The CBN when announcing the cash swap programme noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.
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“The CBN, in a ‘Frequently Asked Questions’ document, also stated that before an interested party can be approved as an agent, some information like the individual’s name, BVN number, and operator’s name is required before the new notes will be released. This initiative and others recently introduced by the bank would help put a stop to money laundering, vote buying, ransom taking, counterfeiting and so on.”
