The Central Bank of Nigeria (CBN) Governor, Godwin Emefiele has announced the end the swap of the old Naira notes with the new ones in the rural areas.
According to the CBN’s Acting Spokesperson, Isa Abdulmumin, the cash swap programme that enabled rural and unbanked residents to exchange old notes for new ones has come to an end. He stated that the programme had accomplished its objective and was not meant to be permanent.
In the meantime, the Association of Mobile Money and Bank Agents in Nigeria has criticized the programme, claiming that stakeholders’ participation was insufficient.
He said, “The programme has stopped. The cash swap was not in perpetuity and has a lifeline.”
The objective of the cash swap programme, as stated by the CBN, was to facilitate the exchange of old naira notes for redesigned ones by citizens in rural or underserved areas lacking access to formal financial services.
In an effort to enhance financial inclusion, the CBN excluded mobile money/Point of Sales agents in Abuja and Lagos, stating that the service was accessible to individuals who did not hold a bank account.