NAIRA REDESIGN: CBN INTRODUCES CASH SWAP PROGRAMME
The Central Bank of Nigeria (CBN) had insisted that anybody who wished to have the redesigned notes must open a bank account and deposit their old notes.
Agents are also required to demand for BVN, NIN, or Voter’s card details of the customers before accepting to exchange more than N10,000.
“Agents were urged to open a wallet or account instantly upon request, “leveraging the CBN Tiered KYC Framework”.
Agents were authorised to sensitise their customers on opening wallets/bank accounts and the various channels for conducting electronic transactions.
Some designated agents are eligible to collect the redesigned notes from DMBs “in line with the Revised Cash Withdrawal Limit policy”.
Agents have been given permission to “charge cash out fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service”. The apex bank was however silent on how much the agents should charge as cash out fees.
As part of the cash swap programme, agents are expected to “render weekly returns to their designated banks regarding the cash swap transactions, while DMBs will in turn render same to the CBN on a weekly basis”.
The CBN warned that Principals (Super Agents, MMOs, DMBs) will “be held accountable for their agents adherence to the above guidelines”.
It assured rural dwellers and those targeted by the programme that “Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas”.