CBN expands naira swap outlets

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In its efforts to meet the demand of the new naira notes by Nigerians, the Central Bank of Nigeria,  CBN has expanded the number of outlets participating in cash swap initiatives, including some micro finance banks to reduce pressure in the banking halls and ensure that the new naira notes  circulate across the country.

This was disclosed by the CBN Governor, Godwin Emefiele over the weekend during press conference on the Benefits of the Naira Redesign Policy saying the apex bank has commenced a nationwide sensitization through the Print and Electronic Media to create an awareness on the redesigned Notes to Nigerians including collaboration with the National Orientation Agency to reach all Nigerians across multiple channels.
He said CBN has deployed 30,000 Super Agents nationwide to assist in Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the Country to ensure that the weak and vulnerable ones amongst us can swap/exchange their old notes.
Listing benefits of a Currency Redesign Policy,  Emefiele said “the currency redesign policies are designed by countries to strengthen the performance of key macroeconomic parameters and equally combat social improprieties. “Chiefly, it is expected to reduce the amount of cash in underground or illicit economy, truncate the activities of racketeers, and obliterate rent-seeking businesses in the black market.

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