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CBN introduces cash swap policy for new notes in villages, others

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Following its determination to meet the deadline for the total face out of the old Naira notes, the Central Bank of Nigeria (CBN) has introduced cash swap policy in villages ahead of the January 31 deadline for the old notes to cease being legal tender.

The policy is to be launched on January 23 in partnership with super agents, the apex bank said in a statement issued on 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 and plans to have the old notes faced out by the end of January, but the new notes have been poorly circulated by the apex bank.

According to the CBN, the poor circulation resulted in 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.

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