The instructions did not meet the needed expectations as most DMBs were yet to have the new notes in their ATMs as of last week. This had led the apex banks to set up of the cash swap programme to bring the notes down to the citizens in order to beat the deadline.
Recall the apex bank had announced January 31, 2023 as the deadline date for depositing the old naira notes. The CBN had mandated the Deposit Money Banks, DMBs to load the new notes in their ATMs with sanctions to be meted out to any defaulting bank.
1) The Cash Swap programme will have agents who will be deployed in all local governments, particularly in the rural areas and will be monitored by the CBN.
