• Latest
  • Trending
  • All
Reactions As Nigerians Raise Questions Over Shocking Naira Redesign

New Naira Redesign: CBN Introduces Cash Swap Programme For Rural Areas [See How It Works]

Ondo Deputy Speaker and Majority Leader resign

Ondo Deputy Speaker and Majority Leader resign

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Nigerian Government Announces Public Holidays for Sallah Celebrations

Nigerian Government Announces Public Holidays for Sallah Celebrations

The progress of Kano state is non – negotiable – Engr. Yusuf

Kano Declares 12-day Sallah Holiday for Schools

Kwara mobile court convicts 135 sanitation violators |

Kwara Law Students Appeal for Immediate Release of Law School Scholarship Funds

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

Daura v U.B.N PLC: Landmark Supreme Court Decision on ‘Estate and Debt’ Responsibilities after Death

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

PROHIBITION OF RIBĀ (INTEREST-BASED TRANSACTIONS) IN ISLAMIC FINANCE: CONCEPT AND SIGNIFICANCE

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

Hajj 2025: Saudi Arabia deports Sheikh Gumi back to Nigeria

JUST IN: Wike seals PDP National Secretariat in Abuja

JUST IN: Wike seals PDP National Secretariat in Abuja

JAMB Announces Date to release UTME Result for resit Candidates

99% Scores Below 200 in Resit UTME – JAMB

  • About Us
  • Advertise with Us
  • Editorial Policy
Saturday, June 7, 2025
  • Login
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus
No Result
View All Result
iDeemlawful
No Result
View All Result
No Result
View All Result
iDeemlawful
  • Home
  • News
  • Featured
  • Politics
  • Commentary
  • Editorial
  • Campus
Home Breaking News

New Naira Redesign: CBN Introduces Cash Swap Programme For Rural Areas [See How It Works]

by iDeemlawful
January 21, 2023
A A
Reactions As Nigerians Raise Questions Over Shocking Naira Redesign
FacebookTwitterWhatsapp

The Central Bank of Nigeria (CBN) has launched a cash swap programme in partnership with super agents and deposit money banks (DMBs).

The apex bank said this in a circular on Friday, jointly signed by Haruna Mustafa, director, banking supervision department; and Musa Jimoh, director, payments system department.

The circular was addressed to all DMBs, mobile money operators (MMOs), super agents and agents.

RelatedPosts

CBN opens up on Introducing New N5000, N10000 Notes

CBN ordered to suspend increase in ATM Transaction Charges

CBN dragged to Court over ATM fee hike

JUST IN: Governor Adeleke cast his votes as Osun LG poll begins

Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.


The CBN said the cash swap programme will be effective from Monday, January 23, 2022.

It said the initiative is aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for redesigned notes.

The old notes are expected to be out of circulation by January 31.


“The old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender,” the circular reads.

“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.”

To promote financial inclusion, the CBN said the service is also available to anybody without a bank account.

It said agents may, on request, instantly open a wallet or account, leveraging the CBN tiered know your customer (KYC) framework.

This, according to bank, will ensure that this category of the populace (unbanked citizens) are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.

CBN also directed agents to sensitise customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.

“Designated agents are eligible to collect the redesigned notes from DMBs in line with the revised cash withdrawal limit policy,” the circular adds.

“Agents are also permitted to charge cash-out fees for the cash swap transactions but prohibited from charging any further
commissions to customers for this service.


“Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in turn render same to the CBN on a weekly basis.

“Principals (super sgents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.”

CBN said cash swap agents would be readily identifiable in all local governments, particularly those in the rural areas

Tags: CBN PoliciesiPad
Previous Post

Tinubu Campaign Director Resigns

Next Post

Supreme Court Advises Njoku On Error In Judgment Over APGA Leadership

iDeemlawful

iDeemlawful

Related Posts

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks
Breaking News

Chief of Army Staff Oluyede relocates to Markurdi over Herdsmen Attacks

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes
Breaking News

‘How driver lost control’ – Survivor Narrates Accident that killed 22 Kano Athletes

Nigerian Government Announces Public Holidays for Sallah Celebrations
Breaking News

Nigerian Government Announces Public Holidays for Sallah Celebrations

The progress of Kano state is non – negotiable – Engr. Yusuf
Breaking News

Kano Declares 12-day Sallah Holiday for Schools

Kwara mobile court convicts 135 sanitation violators |
Breaking News

Kwara Law Students Appeal for Immediate Release of Law School Scholarship Funds

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud
Breaking News

‘We have recovered reasonable amount’ – EFCC gives update on N1.3trn CBEX crypto fraud

JAMB Announces Date to release UTME Result for resit Candidates
Breaking News

99% Scores Below 200 in Resit UTME – JAMB

Peter Obi attends Pope’s inauguration in Rome to beg Tinubu over Fidelity Bank’s N225bn Debt Crisis – Report
Breaking News

Peter Obi debunk meeting Tinubu in Rome over alleged N225bn Fidelity Bank debt

JAMB Announces Date to release UTME Result for resit Candidates
Breaking News

JAMB Announces Date to release UTME Result for resit Candidates

Hoodlums attacked Pasuma in Osun, sparking tensions
Breaking News

Hoodlums attacked Pasuma in Osun, sparking tensions

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

iDeemlawful

Copyright © 2019–2025 Deemlawful Media

  • About Us
  • Advertise with Us
  • Editorial Policy

Connect With Us

No Result
View All Result
  • Home
  • News
  • Featured
  • Politics
  • Life Style
  • Advertise with Us
  • Opinion
  • Campus

Copyright © 2019–2025 Deemlawful Media

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In