Alert: Central Bank of Nigeria Circular BSD/DIR/PUB/LAB/15/022

Title: Naira Redesign Policy: CBN Launches Cash Swap Programme in Rural/Underserved Areas

Summary: The Central Bank has launched a cash swap program in partnership with Super Agents and Deposit Money Banks (DMBs) to allow citizens in underserved areas to exchange old Naira notes for redesigned ones. The program will begin on January 23, 2023, and individuals can exchange a maximum of N10,000. Agents may also open wallets or accounts for customers without a bank account to promote financial inclusion. Agents are allowed to charge cash-out fees but cannot charge additional commissions for this service.

Posted on: Saturday, January 21, 2023

Download: BSD/DIR/PUB/LAB/15/022