CBN Steps Up Cash-Swap Exercise to Mop Up Old Naira Notes in Kogi

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The Central Bank of Nigeria (CBN) has called on residents in Kogi state to take advantage of the on-going cash swap programme to deposit their old naira notes in the bank or with certified agents.

The Deputy Director, Payment System Management Department, Dr Rekiyat Yusuf, made the call in Okene on Thursday.

She said the apex bank has accredited agents where people are expected to deposit old notes or swap for redesigned new naira notes, as 31st January deadline for old notes is sacrosanct.

Dr. Yusuf said CBN commenced the implementation of cash-swap exercise simultaneously across the three senatorial districts of Kogi state in its bid to make more of new naira notes available in all nooks and crannies of the state.

The Deputy Director, Currency Operation of CBN, who heads the team in Kogi, stated that the old notes ceased to be a legal tender as from 1st of February 2023, and advised the people of the state to take advantage of the cash swap window and deposit their money with any of the accredited agent or banks.

“If you don’t have account, go and open one, so that your money will not be ordinary paper as from 1st February 2023.

“Submit old naira notes and get new naira notes. No charges. Take your old  N200, N500 and N1,000 to the CBN accredited agents and get a new notes of the equivalent deposit, or take it to the nearest bank. N10, 000 is allowed per a person for now,” she said.

Dr Yusuf led officials of the bank on a courtesy call to Ohinoyi of Ebiraland’s palace at Okene.

She told the monarch that the apex bank has embraced an all inclusive banking policy in its bid to install financial discipline in the society, and solicited his support to talk to the people of Ebiraland to pack their old naira notes to the nearest banks or accredited cash swap agents and get new ones in return.

The Ohinoyi of Ebiraland, HRM, Dr Ado Ibrahim, commended the Central Bank of Nigeria for revamp the economy of the country through the new redesigned naira, adding that it was a move in a right direction.

The monarch assured the the apex bank of his support to ensure that the programme ended successfully in his domain.

The cash swap exercise was carried out at Ojokutu, Kabba junction in Adavi LGA; Ohinoyi of Ebiraland’s palace; Okene market square and Obeiba-Ihima all in the central senatorial district of the state where hundreds exchanged their old naira notes with new ones.


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