CBN introduces previous for brand new naira trade programme for rural communities

CBN introduces previous for brand new naira trade programme for rural communities

Central Financial institution of Nigeria (CBN)

Forward of the January 31 deadline for phasing out previous naira notes, the Central Financial institution of Nigeria (CBN) has launched an trade of previous for brand new naira notes initiative for the agricultural and underserved communities, efficient Monday, January 23, 2023.

This was disclosed in a round to all deposit cash banks (DMBs), cellular cash operators (MMOs), tremendous brokers and brokers, titled ‘Naira redesign coverage: CBN launches money swap programme in rural and underserved areas’, and signed by Haruna Mustafa, director, banking supervision at CBN, and Musa Jimoh, director of, cost system administration division, additionally at CBN.

The money swap programme allows residents in rural areas or these with restricted entry to formal monetary companies to trade previous naira notes with redesign notes.

Learn additionally: Cash withdrawal limits seen threatening food production

Consequently, the previous N1,000, N500 and N200 could be exchanged for the newly redesigned notes and/the prevailing decrease denomination (N100, N50, and N20 and many others), which stay a authorized tender.

The round mentioned the agent shall trade a most of N10,000 per particular person and that quantities above N10,000 shall be handled as cash-in deposits into wallets or financial institution accounts consistent with the cashless coverage.

It says financial institution verification quantity (BVN), nationwide id quantity (NIN) and voter’s card particulars of the shopper needs to be captured as quickly as attainable.

To advertise monetary inclusion, the round mentioned the service is accessible to anyone and not using a checking account.

It says brokers might immediately on request open a pockets or account, leveraging the CBN tiered know your buyer (KYC) framework.

This may be certain that this class of the populace are in a position to trade or deposit their money seamlessly with out taking pointless dangers or incurring undue prices.

The round mentioned states that brokers shall sensitize prospects on opening wallets/ financial institution accounts and the varied channels for conducting digital transactions.

Based on the round designated brokers are eligible to gather the redesigned notes from MBs consistent with the revised money withdrawal restrict coverage. Brokers are additionally permitted to cost cash-out charges for the money swap transactions however prohibited from charging any additional commissions to prospects for this service. Brokers shall render weekly returns to their designated banks relating to the money swap transactions. MBs shall in tum render similar to the CBN on a weekly foundation.

“Principals (Tremendous Brokers, MMOs, DMBs) shall be held accountable for his or her brokers’ adherence to the above tips. Money Swap brokers will likely be readily identifiable in all native governments, significantly these in rural areas. The CBN will proceed to watch implementation of the programme and supply additional steering as could also be crucial,” the round acknowledged.

In furtherance of its redesign naira coverage, the CBN has sustained its nationwide consciousness/sensitisation programme, enforced speedy assortment of the brand new notes at CBN branches by DMBs and mandated issuance of the brand new notes by way of Automated Teller Machines (ATMs), to make sure distribution is truthful, clear and evenly unfold throughout the nation.

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