As part of its execution of the Naira redesign strategy, the Central Bank of Nigeria (CBN) has launched a cash-swap scheme across the country’s 774 local government areas.
The CBN, Deposit Money Banks, DMBs, and Super Agents scheme will begin on January 23, 2023, to exchange new naira notes for old ones.
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The CBN insisted on the previous naira notes ceasing to be legal money on January 31, 2023.
The CBN’s Director of Banking Supervision Department, Haruna Mustafa, and Director of Payments System Department, Musa Jimoh, jointly signed a circular on Friday, according to fucinovel.
It was stated that the cash exchange will be limited to a maximum of 10,000 per individual.
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“The old N1000, N500, and N200 notes can be exchanged for the newly redesigned notes and/or the existing lesser denominations (N100, N50, and N20, for example), which remain legal currency.
“The agent shall trade a maximum of N10,000 per person. Amounts greater than N10,000 may be considered as cash deposits into wallets or bank accounts under the cashless policy. Should collect as much information on the customer’s BVN, NIN, or voting card as feasible.”
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