There are less than eight days left for Nigerians to 鈥榞rab their copy鈥 of the new naira notes.听
After January 31, the old naira notes would officially go out of style as a 鈥榣egal tender鈥, and our new ugly notes would officially be in use.
The new 鈧1000 note
Except there鈥檚 a slight problem 鈥 Nigerians can hardly find new notes in circulation.
After over the new naira note distribution, CBN governor 鈥楳effy鈥 Emefiele has come to us with a new solution. This is which starts today.听
Here鈥檚 what it is, how it works, and how it benefits YOU.
What is the cash swap programme?
In the programme, any Nigerian can either go to Deposit Money Banks (DMBs), Mobile Money Operators (MMO) (aka your 鈥淧OS鈥 plugs), and super agents (companies licensed by CBN for the purpose of agency banking) to exchange the old notes for the new. These old notes are in the denominations of 鈧1000, 鈧500, and 鈧200 notes.
How will the programme work?
News flash 鈥 this isn鈥檛 a means to dump your entire cash savings to be changed. Each person only gets to deposit a maximum of 鈧10,000 with an agent to be changed.
However, if you are an 鈥極dogwu鈥 with more than 鈧10,000 at home, the cash will be deposited in your online wallet or bank account. In that case, the Bank Verification Number (BVN), National Identification Number (NIN), or Permanent Voter鈥檚 Card (PVC) details of the customers will be captured as much as possible.
But don鈥檛 expect this programme to be done for free. CBN has permitted agents to add their profit in the form of 鈥渃ash out fees鈥 to all cash swap transactions.听
How will this benefit you?
As much as it may suck to have to pay additional fees to collect new notes, it also has some benefits. The new notes are not only at the mercy of your legacy banks alone. It can also be collected via accredited POS operators, which is an. It will also help where banks are not as accessible.
If you don鈥檛 have a bank account or wallet, then this is the perfect time to acquire one too. Agents would set up bank accounts using CBN Tiered Know Your Customer (KYC) Framework. This will ensure that you are able to exchange or deposit your cash seamlessly without taking unnecessary risks or incurring undue costs.
After all this, what are you waiting for? Check out these CBN-accredited and today and get your new naira notes! Remember, time is ticking.
