Ahead of the January 31 deadline for phasing out old naira notes, the Central Bank of Nigeria (CBN) has introduced an exchange of old for new naira notes initiative for the rural and underserved communities, effective Monday, January 23, 2023.
This was disclosed in a circular to all deposit money banks (DMBs), mobile money operators (MMOs), super agents and agents, titled ‘Naira redesign policy: CBN launches cash swap programme in rural and underserved areas’, and signed by Haruna Mustafa, director, banking supervision at CBN, and Musa Jimoh, director of, payment system management department, also at CBN.
