The Central Bank of Nigeria (CBN) recently introduced a cash swap program where the unbanked and those in rural areas can swap their old naira notes for new naira notes before the announced Jan 31, 2023 deadline.
The apex bank is making frantic efforts to circulate the new naira notes while also stating its resolve not to extend the January 31, 2023, deadline for old naira notes.
The CBN instructed all Deposit Money Banks (DMBs), Mobile Money Operators (MMOs), super agents and agents to participate fully in the Cash Swap Program.
Here are a few things you need to know about the cash swap program
- The Cash Swap Program will take effect from Monday, January 23, 2022.
- Old naira notes (N1000, N500, N200) can be exchanged for the newly redesigned notes and the existing lower denominations (N100, N50 and N20, etc) remain legal tender.
- Agent can only exchange a maximum of N10,000 per person.
- Exchange above N10,000 per person will require that details of persons BVN, NIN, or Voter’s card etc, be captured as much as possible.
- The Cash Swap Program is a partnership with super agents and deposit money banks (DMBs) at different parts of the country
- It is to serve the rural and unbanked people who may not be able to take their old notes to the bank