New Naira Notes: CBN Cash Swap Policy Suffers Major Setback

Due to the scarcity of new Naira notes, the Central Bank of Nigeria’s (CBN) cash swap programme with the Deposit Money Banks (DMBs) has suffered a setback.

The Central Bank of Nigeria (CBN) had announced its intention to collaborate with commercial banks, Super Agents, Mobile Money Operators, and Point of Sale (PoS) merchants to increase the circulation of the new Naira notes.

The apex bank announced that point-of-sale (PoS) operators would receive the new banknotes from their designated commercial banks in exchange for the old naira notes from residents living outside of Lagos and Abuja.

According to the Central Bank of Nigeria, five of the eleven commercial banks operating in Nigeria were chosen to supply the redesigned naira notes to point-of-sale (POS) operators for the cash swap programme.

Also See Dollar To Naira Black Market today 28th January 2023, USD to Naira

These include United Bank for Africa, Zenith Bank, First City Monument Bank, First Bank of Nigeria (FBN) Holdings, and Access Bank Plc.

However, Ejes Gist News has learned that three of the selected banks in one of the approved states, Ogun, do not have new banknotes for PoS operators to collect, despite having been informed by the CBN that their banks were chosen for the cash swap programme.

When our correspondent visited three of the selected banks along the Ajuwon-Akute road in Ogun State on Friday, Zenith Bank and Access Bank employees informed him that they do not have any new currencies to participate in the CBN cash swap programme.

They requested that those desiring to withdraw the new banknotes utilise the Automated Teller Machines (ATMs).

However, after multiple attempts, the customers discovered that the ATMs were not stocked with cash.

Customers seeking new naira banknotes were denied entry to Zenith Bank, which stated that only those seeking to deposit old naira banknotes and other banking services are permitted inside.

UBA stated however that the new Naira notes were available.

However, the Point-of-Sale operators granted access are merchants whose names were provided by the CBN.

Additionally, the bank’s ATM was dispensing the new banknotes.

Additionally, the First Bank operating in the same axis informed several point-of-sale operators that there are no new naira notes on the ground.

One of the agents stated that she attempted to obtain new naira banknotes, but they only had older ones.

In an interview with Ejes Gist News , the CBN’s Director of Corporate Communications, Osita Nwanisobi, stated, “The banks work with a certain number of agents.”