CBN appoints 200 cash-swap agents in Jigawa

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Abuja, Jan. 28, 2023 – The Central Bank of Nigeria (CBN) says it has appointed 200 cash swap agents in Jigawa State.

Amina Habib, the CBN Director Human Resource, said this at a news conference on in Dutse on Saturday.

She said that the cash swap was started in the rural areas on Monday as part of plans to phase out old naira notes and enhance the collection of new banknotes.

She said the daily cash swap limit was N10, 000 and transfer per head, adding that any amount above N10,000 would be considered a deposit.

She said the gesture was aimed at increasing the circulation of the redesigned naira notes, especially 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,” she said.

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

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

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

“You should still accept it as legal tender and be able to deposit them in banks,” she said. (GBN)

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