According to a report by the Punch, only five banks have been approved by the CBN to engage in the programme. They are Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.
The apex bank has also stated that Point-of-Sales (PoS) operators who will be deployed as agents in Lagos state and Abuja have been excluded from partaking in the program which will have these agents deployed to all local government areas in the country.
The CBN’s decision to launch the cash swap programme comes amid the commercial bank’s failure to make the new naira notes available despite threats of sanctions.
