Cash swap: CBN deploys 200 agents in Jigawa

Barely three days to Jan. 31 deadline for old naira exchange, the Central Bank of Nigeria (CBN) has engaged 200 agents to fast track its cash swap policy in Jigawa.

The CBN on Monday embarked on currency swap programme in rural communities as part of plans to phase out old naira notes and enhance collection of new bank notes.

The programme is being implemented by the CBN official monitors and Deposit Money Banks (DMBs).

The Director Human Resource, CBN Headquarters, Hajiya Amina Habib stated this at a news conference on Saturday in Dutse.

She said the daily cash swap limit is N10,000 and transfer per head, adding that amount above N10,000 would be treated as deposits.

The gesture, she said, was aimed at increasing circulation of the redesigned naira notes, especial in rural areas.

“Within Jigawa state, we have about 200 agents engaged because we’ve noticed that in rural areas, we have unbanked communities as banks have no physical presence in those area, hence the need to have agent banking services.

“The agents are actually representing the banks in those communities providing financial services to the people like opening accounts, accepting monies on thier behalf so that the rural dwellers are able to lodge or withdraw.

“We’re making a lot of impact in the rural areas from the feedback we’re getting, and our staff and the super agents are in various locations across the state to monitor the situation, and to ensure that the new naira notes circulate,” she said.

The director further urged residents of the state to begin using mobile apps, like transfer, Point of Sale (POS), amongst others for cashless transaction.

According to her, the apex bank will encourage people, especially rural dwellers to open bank accounts to enhance financial inclusion.

“Financial inclusion is actually on the increase in terms of the number of people that are opening up bank accounts to put thier monies and this very good for the economy”.

On alleged rejection of the old naira notes by some traders and PoS operators, Habib warned that the old notes still remain legal tender until the Jan. 31.

“The CBN has done a lot and is still doing a lot in terms of sensitisation that the old notes are still legal tender up to the 31st of January.

“You should still accept it as legal tender and be able to deposit them in banks”.