The CBN Cash Swap Program was launched by the Central Bank of Nigeria (CBN) on Saturday in order to help rural residents meet the deadline for exchanging their old naira notes for new ones.
The clue was dropped in Makurdi by Dr Angela Shere-Ejembi, director of the CBN's financial markets division, who led the team to Benue State for the national awareness- and sensitization-raising campaigns for prompt collection of the new notes.
Shere-Ejembi announced that the CBN Cash Swap Program would begin in rural and underserved areas on January 23 as part of its ongoing awareness campaign to mandate the prompt collection of new notes at CBN branches by the Deposit Money Banks (DMBs) and mandated issuance of the new notes through Automated Teller Machines (ATMs), in order to ensure distribution is fair, transparent, and evenly distributed across the country.
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 CBN official continued.