Naira redesign deadline: CBN introduces cash swap for rural dwellers

The Central Bank of Nigeria (CBN) on Saturday introduced CBN Cash Swap Programme to enable rural dwellers meet the deadline for the exchange of their old naira notes for new ones.

The Director of the Financial Markets Department of the CBN, Dr Angela Shere-Ejembi, who led the team to Benue State on the nationwide awareness/sensitization programmes for speedy collection of the new notes, dropped the hint in Makurdi.

Shere-Ejembi stated that the CBN Cash Swap Programme would commence in Rural/Underserved Areas on Monday, January 23 as part of its sustained awareness campaign to enforce speedy collection of the new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs) to ensure distribution is fair, transparent and evenly spread across the country.

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The CBN official added, “The old N1000, N500, and 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.”