Naira Redesign: CBN Announces Cash-Swap Across 774 LGAs

The Central of Nigeria, CBN, has initiated a cash-swap programme across the 774 local government areas of the country as part of its implementation of the Naira redesign policy.

The initiative between CBN, Deposits Money Banks, DMBs, and Super Agents would commence on January 23 2023, to exchange the new naira notes with old notes.

CBN insisted on the January 31 2023, deadline for the old naira notes to cease to be legal tender.

This was revealed in a circular jointly signed Friday by CBN’s Director of Banking Supervision Department, Haruna Mustafa, and Director of Payments system department, Musa Jimoh.

It stated that the cash exchange shall be a maximum of 10,000 per person.

“The old N1000, N500, and N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc.), which remain legal tender.

“The agent shall exchange a maximum of N10,000 per person. Amounts above N10,000 may be treated as a cash-in deposit into wallets or bank accounts in line with the cashless policy. Should capture customer’s BVN, NIN, or Voter’s card details as much as possible,” the CBN said of the cash swap.

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