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Redesigned Naira: CBN Launches Cash Swap Programme For Rural Dwellers …CAN Pledges Support For New Notes
The Central Bank of Nigeria (CBN), is to launch a Cash Swap Programme in partnership with Super Agents and Deposit Money Banks (DMBs), to enable rural dwellers and those with limited access to formal financial services to exchange old Naira notes for the redesigned notes.
Director, Financial Markets Department of the Bank, Dr. Angela Sere-Ejembi, made this known at the weekend when she led a team to the popular Modern Market and North Bank Market all in Makurdi to sensitise traders and their customers on the redesigned Naira notes and the urgent need to return the old notes to commercial banks for new ones.
Represented by a Deputy Director in the bank, Mr. Demenongu Yanfa, Sere-Ejembi, disclosed that the Cash Swap Programme would take effect from today.
She said the initiative was part of a concerted effort by the apex bank to maximise the channels through which undeserved and rural communities could speedily exchange their old Naira notes.
Giving an insight into the swap process, Sere-Ejembi explained that “the old N1000, N500, 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.
“The agent shall exchange a maximum of N 10,000 per person. Amounts above N 10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
“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.
“Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions. The designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cashout fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.”
According to her “Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in tum render same to the CBN on a weekly basis.”
She said, “Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.
“The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas and the CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
Sere-Ejembi told the gathering that since January 31, 2023 was the deadline for the withdrawal of the old Naira notes, there was a need for the people to take advantage of the remaining days to lodge their old notes in the banks.
She disclosed that the new notes were designed with special security features and produced to last long thereby saving the country the money spent on reproducing notes.
She advised the people to report to the CBN through a phone number provided on flyers, any bank that refuses to accept the old Naira notes before the January 31 deadline.
Meanwhile, Christian Association of Nigeria (CAN), has promised to support the Central Bank of Nigeria, to ensure the actualisation of the goals of the change of old currency notes.
CAN Secretary, Abia State, Rev. Dr OkechukwuMgbeahuru, who made the pledge when he received in audience a monitoring team from the CBN said, that churches in the state would help to sensitises their members about the new policy.
Mgbeahuru thanked the CBN for deeming it necessary to carry the church along in the new policy, and promised to help pass the message through the various CAN blocs.
He said that the public awareness on the new policy could be spread faster through faith-based organisations.
CAN noted with concern that the new Naira notes were still scarce, and urged the apex bank to help clear the impediments slowing down the circulation process.
Adding his voice, the Abia State Coordinator of Nigeria Prays, Dr Chuks Alozie, lauded the CBN for the policy, saying that any economic policy that would help revive Nigeria’s economy would receive the tacit support of the church.
Speaking earlier, leader of the CBN team, and the Head, Corporate Communications Department of the apex bank, OsitaNwanisiobi, said that they were in the state to enlighten the public on the details of the new policy, and to assess the level of compliance by commercial banks on the distribution directives of the new currency notes.
He noted some complaints by traders and members of the public that the new notes were not fully circulating.
The CBN Spokesperson said the team had visited some banks where it was found that many of the banks were still dispensing the old currency notes in their Automated Teller Machines (ATMs).
Nwanisiobi said the team had noted some of the challenges that commercial banks said they had in distributing the new currency notes, promising that in the coming days more new Naira notes would be in circulation.
He said the banks had been sternly warned to ensure they load their ATMs with only the new naira notes, and not to dispense the new notes over the counter for now.
Nwanisiobi threatened heavy sanctions against any commercial bank found hoarding the new currency notes or flouting the guidelines on their distribution.
He said that the CBN had enough of the new currency notes, while urging commercial banks to come to the apex bank and collect their allocations.
Addressing traders earlier at Ubani Ultra Modem Market, Nwanisiobi said that the January 31 deadline for the old currency notes to cease being a legal tender was sacrosanct.
He urged traders to deposit all their old currency notes before the deadline, adding that people without bank accounts could still sway their old currency notes through super agents in communities and hamlets where there are no banks.
He also urged people to embrace other payment options for their financial transactions to minimise the use of physical cash.
In a remark, Vice Chairman of the market, Chief Chikaodi Chukwunyere, pleaded with the CBN to send super agents to the market for currency swap for people without bank accounts.
The CBN team also took the public enlightenment to the mosques in Umuahia to sensitise Muslim faithful.
In an interview with newsmen, Chief Joseph Anosike (Niger Tailors), accused commercial banks of sabotaging the new policy by taking the new naira notes to politicians.
He regretted that the masses expecting to get the new naira notes via ATMs get disappointed as most of the banks still dispense the old notes through their ATMs.
The Federal Government Staff Housing Loans Board says it has begun the compilation of list of retired civil servants who have defaulted on the full repayment of housing loans obtained.
Head of Information and Public Relations, FGSHLB, Mrs Ngozi Obiechina, disclosed this in a statement in Abuja, yesterday.
Obiechina quoted the Executive Secretary of the Board, Mrs Salamatu Ahmed, as saying that the move was aimed at recovering mortgaged properties from retirees who failed to meet their loan obligations.
Ahmed noted that the decision followed a recent memo issued by Mrs Patience Oyekunle, Permanent Secretary, Career Management Office, Office of the Head of the Civil Service of the Federation.
According to her, the memo reminded public servants of the mandatory requirement to obtain a Certificate of Non-Indebtedness to the FGSHLB and MDA Staff Multipurpose Cooperative Society as a precondition for retirement.
The Executive Secretary said that the board would take necessary legal steps to repossess properties where applicable, in line with the terms of the loan agreements.
She said this was in line with the provisions of the Public Service Rules 021002 (p), issued by the Office of the Head of the Civil Service of the Federation.
“I am directed to bring to your attention the provision of Public Service Rule (PSR) 021002 (p), which mandates all public servants to obtain a Certificate of Non-Indebtedness as a prerequisite for retirement.
“The Federal Government will commence the seizure of mortgaged properties belonging to retiring federal public servants who have failed to fully repay housing loans obtained from the board,” she said.
Ahmed explained that the FGSHLB reserves the legal right to repossess any mortgaged property in cases where a public servant exits service without fully repaying the loan.
She reiterated that the directive also applied to already retired officers who were still indebted.
She urged all affected public servants to regularise their loan status and obtain the required clearance certificate without delay.
“The board is currently compiling a list of such retirees, which will be forwarded to relevant regulatory agencies for debt recovery.
“The FGSHLB remains committed to enforcing compliance and ensuring proper loan recovery procedures are followed, “ she added.
The Federal Government has kicked off a three-day induction programme for newly appointed Permanent Secretaries and the Accountant-General of the Federation, aimed at equipping them for strategic leadership and effective policy implementation.
The induction, according to a statement yesterday by the Director, Information and Public Relations, Federal Ministry of Information and National Orientation, Eno Olotu, which commenced on Wednesday, is being held at the National Counter Terrorism Centre in Abuja.
Speaking at the opening session, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, congratulated the new appointees and described their roles as pivotal to governance and national development.
“Permanent Secretaries are the engine room of the government. They are critical to driving policy implementation, institutional performance, and reform across the service”, she said.
The Federal Government has kicked off a three-day induction programme for newly appointed Permanent Secretaries and the Accountant-General of the Federation, aimed at equipping them for strategic leadership and effective policy implementation.
The induction, according to a statement yesterday by the Director, Information and Public Relations, Federal Ministry of Information and National Orientation, Eno Olotu, which commenced on Wednesday, is being held at the National Counter Terrorism Centre in Abuja.
Speaking at the opening session, the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, congratulated the new appointees and described their roles as pivotal to governance and national development.
“Permanent Secretaries are the engine room of the government. They are critical to driving policy implementation, institutional performance, and reform across the service”, she said.
“The expectations are high, and the responsibility is immense. But with commitment and teamwork, we can deliver a more efficient, accountable, and citizen-centred public service.
“This final lap of FCSSIP 25 calls for urgency, accountability, and strategic focus. You must translate vision into measurable results,” she stated.
In her welcome address, the Permanent Secretary, Career Management Office, Mrs. Fatima Sugra Tabi’a Mahmood, described the programme as a strategic investment in leadership capacity and institutional effectiveness.
The sessions featured expert-led discussions, simulations, and strategic briefings facilitated by a distinguished faculty, including Engr. Suleiman Adamu, former Minister of Water Resources; Dr. Hadiza Bala Usman, Special Adviser to the President on Policy and Coordination; Mrs. Beatrice Jedy-Agba, Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice; Alh. Yusuf Addy, retired Federal Director; Alhaji Bukar Goni Aji, former Head of the Civil Service of the Federation; Amb. Mustapha Lawal Suleiman, Mr. Adesola Olusade, and Dr. Ifeoma Anagbogu, all retired Permanent Secretaries.
Participants include Dr. Obi Emeka Vitalis, Mrs. Fatima Sugra Tabi’a Mahmood, Mr. Danjuma Mohammed Sanusi, Mr. Olusanya Olubunmi, Dr. Keshinro Maryam Ismaila, Dr. Akujobi Chinyere Ijeoma, Dr. Umobong Emanso Okop, Dr. Isokpunwu Christopher Osaruwanmwen, Mrs. Oyekunle N. Patience, Dr. Kalba U. Danjuma, Mr. Nadungu Gagare, Mr. Onwusoro I. Maduka, Dr. Usman Salihu Aminu, Mr. Ogbodo Chinasa Nnam, Mr. Ndiomu Ebiogeh Philip, Dr. Anuma N. Ogbonnaya, Mr. Adeladan Rafiu Olaninre, and Mr. Mukhtar Yawale Muhammed, alongside the Accountant-General of the Federation, Mr. Shamseldeen Babatunde Ogunjimi.
The induction programme will feature sessions on public sector leadership, policy delivery, ethics in service, digital transformation, and performance management.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) will begin soon.
Edun revealed this at the ongoing Nigerian Investor Forum, held alongside the IMF/World Bank Spring Meetings in Washington DC.
The minister explained that the recent changes in the NNPCL management are part of a broader effort by the Federal Government to clean up and examine the company closely.
While addressing top global investors, including representatives from J.P. Morgan, Edun shared key reforms the government has introduced to revive the economy and restore investor confidence.
He told the investors that the government’s bold economic steps have laid a strong foundation to attract private investment.
He stated, “Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this.”
Edun highlighted that President Bola Tinubu’s administration has rolled out major reforms that are already making a difference.
He added that the Nigerian economy grew by 3.84 per cent in the fourth quarter of 2024 and recorded a 3.4 per cent growth for the year.
Edun further stressed the importance of the reforms, describing them as “unprecedented,” adding that, “We said we would do it, and now we have done it. This time, we’re staying the course.”
He pointed out signs of progress such as lower budget deficits, a better trade balance, and a more stable exchange rate.
He also said that the focus is now on growing key sectors, especially agriculture.
According to Edun, agriculture is at the top of the government’s agenda, with the aim of improving food supply and increasing productivity.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
On infrastructure, Edun revealed that the government has rolled out 90,000km of fibre optic cable to improve internet access.
He said this move is crucial for supporting young Nigerians and tech startups.
He also noted that 4,000km of roads have been offered for private sector participation, with the first 1,000km already approved for construction.
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