In an effort to make the recently launched cash swap programme of the Central Bank of Nigeria (CBN), effective in the selected states across the country, agents have been employed to help in the naira exchange.

These agents must use the new naira notes obtained from the banks to exchange for old naira notes or face sanctions.

Advertisements

Read Also: Black Market: Exchange Rate Naira To Dollar, Pounds, Euro

Again, CBN warn banks over foreign exchange malpractices

According to the apex bank, “any agent caught using the new naira obtained from their respective banks for something different other than handing it to customers in exchange for old cash will be sanctioned.”

Advertisements

Recall that the CBN announced January 31, 2023, as the deadline for the phasing out of old naira notes.

iBrandtv gathered that erring agents would be de-listed, blocked from future central bank programmes, as well as face other penalties.

Advertisements

“There will be severe sanctions such as de-listing as an agent, withhold of any applicable benefit, de-list from future programmes, negative report to bank & CBN and other such penalties as directed by regulatory authorities,” CBN wrote.

Read Also: Pele’s Shirt Produced In 1971 To Be Auctioned For £30,000

Meanwhile, the apex bank has approved agents across the 36 states of the country but excluded Lagos and FCT, Abuja from the cash swap programme.

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.