The Central Bank of Nigeria (CBN) started the currency swap exercise on Saturday to make sure that all rural people of Taraba exchange their old naira notes for new ones or deposit them in banks before the deadline of January 31.
Ibrahim Hassan, Director of Financial System Strategy at the Central Bank of Nigeria, said to reporters during a visit to Gassol Local Government that the currency swap initiative was created to assist communities without access to a bank in exchanging their old naira notes for the new ones.
The CBN financial director also disclosed that a similar CBN delegation headed by Mr Jackson Imandi, the Deputy Director, was sent to the Karim Lamido local area of the state as well as delegations at various geopolitical zones of Taraba for the Naira swap exercise. This was done to ensure that the populace at large does not lose their businesses and other sources of income because they cannot obtain Nigeria's new currency before the deadline of January 31.
The Central Bank of Nigeria's visit was lauded by Chief Alhaji Sani Suleiman Duna of Mutum-biyu in Gassol Local Government, who said that it would save villages without access to banks from losing long-term deposits.
When questioned about the reason for his visit, Mr Jackson Imande stated that he intended to speak with the POS operators who were in charge of the majority of the villagers' financial transactions.
“Within seconds of getting information on our arrival and the reason for the visit, a long queue was created by residents of Madagan Kifi village in Karim-Lamido Local Government Council to swap their old Naira notes.
“Many have no bank accounts and relied on the currency swap to keep their hopes alive after the deadline.
“Businesses were already beginning to shut down in some communities because owners were rejecting the old notes before the arrival of the CBN delegation,” he recounted.