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Naira Rebrand: Cash Swap Programme Takes Off Nationwide

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A new programme intended to increase the speed of circulation of the new banknotes, and increase awareness ahead of next week’s deadline for demonetisation of the old notes, will kick off nationwide today.

The initiative, known as cashswap, will provide an opportunity for Nigerians to swap old notes with new ones at super agents across the country. 

The intervention targets residents in rural areas and individuals with limited access to financial services.
  
The programme is a joint initiative of the Central Bank of Nigeria (CBN), deposit money banks and super agents. 

In a circular announcing the programme on Friday, the CBN said the swap deal is an attempt to create more awareness about the deadline for phase-out of the old N200, N500 and N1,000 banknotes.

The circular on cash swap signed by the Director of Banking Supervision Department, Haruna Mustafa, stated: “The programme enables citizens in rural areas or those with limited access to formal financial services to exchange old Naira notes for redesigned notes.” 
   
The initiative entails exchanging the old N1000, N500, N200 for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20), which remain legal tender.
   
The CBN explained that agents shall exchange a maximum of N10,000 per person, saying 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 cards details of the customers should be captured as much as possible. To promote financial inclusion, this service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered Know Your Customer (KYC) Framework. 


“This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost,” the circular said.

The bank stressed that agents shall sensitise customers on wallets/ bank account opening and other channels for conducting electronic transactions.

Designated agents are to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. While they are permitted to charge cash-out fees for the cash swap transactions, agents are prohibited from charging any further commissions.

“Principals (super agents, mobile money operators (MMOs) and DMBs) shall be held accountable for their agents’ adherence to the guidelines. Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural area,” said the circular.

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