The Central Bank of Nigeria (CBN) has taken steps to ensure the successful implementation of its Naira Redesign policy by launching a cash swap program in partnership with Super Agents and Deposit Money Banks (DMBs). The program is aimed at increasing financial inclusion for underserved and rural communities by allowing them to exchange their old Naira notes for newly redesigned notes.
As of January 23, 2023, citizens can exchange old N1000, N500, and N200 notes for newly redesigned notes or existing lower denominations (N100, N50, etc). The exchange is limited to a maximum of N10,000 per person, with amounts above that being treated as a cash-in deposit. Agents are encouraged to capture BVN, NIN, or Voter’s card details of customers to promote financial inclusion.
For those without a bank account, agents may instantly open a wallet or account, leveraging the CBN Tiered KYC Framework. This will ensure a seamless exchange or deposit process without any unnecessary risks or costs. Agents will also educate customers on opening wallets/bank accounts and conducting electronic transactions.
Designated agents are authorized to collect the redesigned notes from DMBs and are permitted to charge cash-out fees for the cash swap transactions, but are prohibited from charging any additional commissions to customers. They will provide weekly returns to their designated banks, and DMBs will render the same to the CBN on a weekly basis.
Super Agents, MMOs, and DMBs will be held responsible for ensuring that their agents follow these guidelines. Cash Swap agents will be easily recognizable in all local governments, especially those in rural areas. The CBN will continue to monitor the program’s implementation and provide further guidance as necessary.
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