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Saturday, February 4, 2023

Five Banks Commence Circulation Of N500m To Rural Communities In Bayelsa –

Access Bank, United Bank of Africa, First City Monument Bank, First Bank and Zenith Bank, in partnership with the Central Bank of Nigeria (CBN), have begun distributing new Naira notes marked “Cash Swap” in rural communities in Bayelsa State .

Mr Wole Omosuyi, Assistant Director of the CBN, who launched the campaign in Yenagoa, said they had deployed more than 300 point-of-sale (POS) agents to distribute the new There are 17 banks in Naira notes.

He further explained that the campaign will run until January 31, 2023, and individuals will have the opportunity to exchange old naira notes for new notes on a daily basis of N10,000.

To help those who have yet to open accounts in unbanked communities, he said agents are authorized by BVN machines to process their account registrations.

Omosuyi, who works for the CBN in Abuja, said the new Naira banknote policy is aimed at reducing the minimum use of cash and only those who have acquired wealth illegally will be afraid to take old banknotes to banks for cash exchange.

In terms of logistics and security, he said, “The agents are familiar with the terrain of Bayelsa. They are Bayels who understand the language of the local people. community.

Also read: [BREAKING] Cash Policy Survey: Deputies Read Riot Act to CBN Governors, Others

“The CBN is doing all this because the deadline of 31 January 2023 will not change and we want to encourage all Nigerians to make sure they exchange their old notes for new notes as Apex Bank will not change the date.”

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