Changing the Naira: The CBN announces a cash exchange in 774 LGAs

In order to implement the Naira redesign strategy, the Central Bank of Nigeria, CBN, has started a cash-swap scheme in all 774 local government areas of the nation.

The initiative by the CBN, Deposit Money Banks (DMBs), and Super Agents would begin on January 23, 2023.It would involve exchanging new and old naira notes.

The CBN stressed that the old naira notes must stop being accepted as legal money by January 31, 2023.

This is written in a circular that the CBN’s Director of Banking Supervision Department, Haruna Mustafa, and Director of Payments System Department, Musa Jimoh, signed on Friday.

The maximum cash transaction per individual was specified at N10,000.

“The old N1000, N500, and N200 notes can be exchanged for smaller bills like N100, N50, N20, etc., which are still legal tender.

The agent is only allowed to trade up to N10,000 per customer. In accordance with the cashless policy, amounts over N10,000 may be recognised as cash-in deposits into wallets or bank accounts. should obtain as much information about the customer’s BVN, NIN, or voter’s card as feasible.