Ahead of the 31st January deadline, officials of the Central Bank of Nigeria ,CBN have stormed banks in Akure metropolis to monitor the effectiveness of the swapping of the old N200, N500 and N1,000 for the newly redesigned notes.

The Apex bank Launched the Cash Swap Programme in Rural/Underserved Areas on Monday, January 23, 2022.

The officials said the monitoring was to enforce CBN’s directive ordering deposit money banks , super agents as well as mobile money operators operating in rural areas to swap the old notes.

Speaking during the exercise, the CBN Director of Legal Services, Kofo Salami -Alade disclosed that the apex bank was speeding up permeation of the new Naira notes, particularly, in the rural areas of the country.

Mr Salami-Alade revealed that the monitoring
showed that while some ATMs visited were actually dispensing new notes majority were not .

He however said that upon enquiry , the banks claimed they ran out of money but were thereafter obliged or forced to load the machines from the stock they had.

The CBN top official expressed optimism that the currency redesign would assist in the fight against corruption as the exercise would rein in the higher denomination used for corruption, and the movement of such funds from the banking system could be tracked easily.


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