CBN Monitors Swapping of New Naira Notes In Ogun

Ahead of January 31st deadline for the phasing out of old N200, N500 and N1000 banknotes approaches, officials of the Central Bank of Nigeria (CBN), Abeokuta Branch on Thursday visited various mobile money/Point of Sales agents  in Ogun state to monitor the implementation  of recent introduction of cash swap policy.

The cash swap programme is targeted at fast-tracking the withdrawal of the old notes from circulation.

The apex bank had recently directed its super agents to swap the old N200, N500 and N1,000naira notes for the newly redesigned notes under the policy.

Super agents are companies licensed by the CBN to recruit agents for the purpose of agency banking.
CBN Deputy Director, Banking Supervision Department, Jayeola Olugbenga ( middle) with some officials

The agents were expected to swap up to N10, 000 per person while amounts above N10, 000 would be treated as deposits. 

The officials, who visited agents across the state including Ijebu-Ode, Sango Otta, Ilisan-Remo, Ikene, Sagamu amongst others said the move was to ascertain whether the super agents truly disbursed the new notes to the POS agents who are expected to further circulates to their various customers as directed by CBN.

Speaking with journalists during the monitoring exercise, CBN Deputy Director, banking supervision department, Jayeola Olugbenga said the essence of visit was to create awareness for residents of the state, especially in the rural areas as well as ensure that the new note  in circulated across the state.
The Director noted that the CBN is intensifying effort to make sure that the new N200, N500 and N1000 notes  are circulated before the deadline. 

His words "we want people be aware especially people in the rural areas and for this new note to go round that's why we have distributed this money to the super agents . We are moving round to ensure that they already have the money and they are giving people.

"Another advantage is that this people will know what they should do to be able to ensure that the money move round, so the essence is that people should have the money and make sure it goes round and this is what we have been achieving. 

"We rule that N500,000 will be given to an agent per week so those that have received only 250,000 or 300,000 will still go back to get the rest. We want to assure the general public that the money is there and more ATM are functioning . 
"We have moved around and we have seen that ATM that were not function are now functioning so there is no more excuse for people.

"So far we are happy because all the nuks and crannies of this state, the super agents are functioning and from our interview, people are happy with this development".

Meanwhile, the Deputy Director for Research Department, CBN Dr Adeniyi Olatunde Adenuga stressed that the exercise will help in the area of financial inclusion.

He said "Now we have to rural areas, that aspect will help us in the areas of financial inclusion people in this community who doesn't have account gives them opportunity for them to have new account 

"The issue of helping the economy generally with this agents people can come with their old note and get maximum of 10 thousand naira.

Olatunde added "People must embrace this programme, what we are doing is to sensitize them to ensure that we mobilize them  to see the new notes and embrace it".

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