CBN Speaks on New, Old Naira Notes Cash Swap Programme After Supreme Court Order
- The Central Bank of Nigeria (CBN) has decided on the cash swap programme for new and old naira notes
- The programme allowed residents of rural and unbanked areas to exchange old naira notes for new ones.
- Following the Supreme Court order, the CBN has announced that the programme will no longer continue
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The Central Bank of Nigeria has ended its cash swap programme for rural and unbanked communities.
The programme launched on Monday, January 23, 2023, aimed to accelerate the circulation of new banknotes by exchanging the old N1000, N500, N200 notes the newly redesigned notes and/or the existing lower denominations (N100, N50, and N20, etc).
According to the Punch, CBN acting Spokesman Isa Abdulmumin disclosed that the initiative has completed its purpose.
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“The programme has stopped. The cash swap was not in perpetuity and has a lifeline.”
Supreme court order
The CBN's termination of the cash swap programme occurred precisely nine days after Legit.ng reported the Supreme Court's extension of the old 500 and 1,000 naira notes until December 31, 2023.
While there has been no official response from the federal government or CBN regarding the judgment, indications suggest it will be adhered to.
However, the lack of communication from the CBN and FG to Nigerians and banks has impacted the general public's willingness to accept the old notes.
Players in the industry speaks on the cash swap programme
But in an assessment, AMMBAN National Publicity Officer, Oluwasegun Elegbade, noted that the recent mob attacks on banks would have been averted if the programme fulfilled its purpose.
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"The program has failed to deliver the desired level of effectiveness, as evidenced by the multitude of crises that have arisen throughout the country. Had it been successful, such issues would not have occurred.
"Regarding the swap, there was an expectation of greater participation. However, operators were granted significant control with minimal oversight. As a result, many states acted as they pleased, as monitoring was lacking.
"The CBN established monitoring teams in less than five states, which was insufficient. Consequently, the initiative was ineffective overall."
"Zenith *966*60#": Banks release codes for cardless cash withdrawal at ATMs
Meanwhile, in another report, Legit.ng revealed that commercial banks in Nigeria have introduced cardless ATM cash withdrawal.
To collect cash from an ATM without using a card, customers must generate a code on their mobile phones or through their mobile banking app
The latest innovation in banking technology preaches convenience and comes at a time Nigerians are battling with cash scarcity