Central Bank of Nigeria CBN says the cash swap program is ongoing in the rural areas across the country.
The Director human resource and team lead currency swap, Hajiya Amina Habib disclosed this to newsmen during a press briefing at CBN Dutse, the jigawa state capital.
According to her, the team has been doing a lot in the state in terms of monitoring the cash swap because it involves agents, super agents banking services and the funds are channelled through the banks.
She further explained that, the team had recorded successes from various locations in the state, saying that the cash swap is making an impact in the rural areas.
Hajiya Amina said so far, they have engaged about 200 agents banking services from the super agents within jigawa state and that the agents were representing the banks in rural communities as well as providing financial services to the people.
“The CBN will continue to sensitize as well as to encourage people to mop up so that they can put thier monies into accounts”.
“Those who are involved in the cash swap, only 10,000 naira is what they can get under the cash swap program while anything above 10,000 they place in their bank accounts, while for the unbanked, the CBN encourage them to open Bank account” she stressed.
The Director noted that financial inclusion was on the increase in terms of number of people that were coming to open bank accounts which is good to the nigerian economy.
“Nigeria is moving towards cashless banking which is presently the practice worldwide and would also help their monetary policy and decision making”
“Statistics by the CBN shows that 85 percent of the cash in the economy is actually outside of the banking system which is not good for the Nigerian economy” Hajiya Amina Noted
The team leader also said the old notes was still legal tender up to the 31st of January 2023.
COV/USMAN MZ
