ACJHR Hails CBN’s POS Cash Swap Initiative 

Sunday Aborisade in Abuja 

A civil society organisation, African Centre for Justice and Human Rights (ACJHR), has described the Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, as a man who has shown his heart is with the uplift of the poor, with the Point of Sales (POS) cash swap initiative.

The CBN launched the cash swap programme January 23, 2023, as a means to reach out to the grassroots that have limited access to financial products to enable them bring in their old notes before the January 31 deadline date.

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.

The group, in a statement by its strategic communication consultant, Abubakar Isa, said with this latest initiative, Emefiele can be deemed to be a monetary policy ‘God’, who has shown his heart is with the uplift of the poor.

Isa said the cash swap programme is a master protective strategy for the vulnerable and economically disadvantaged.

According to him, Emefiele and President Muhammadu Buhari deserve praises for introducing this initiative for the unbankable population.

Part of the statement read: “Emefiele’s recent monetary policies are commendable and will leave a positive imprint in the country’s economy in the long run. 

“There has been complaints in some quarters on the reach and sensitization of some people, particularly in the rural areas regarding the old naira swap deadline, but the CBN is always ahead with great ideas and solutions and this POS cash swap initiative is the answer.

“The CBN when announcing the cash swap programme noted that the initiative was aimed at enabling citizens in rural areas or those with limited access to formal financial services to exchange old naira notes for the redesigned notes. 

“To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.

“The CBN, in a ‘Frequently Asked Questions’ document, also stated that before an interested party can be approved as an agent, some information like the individual’s name, BVN number, and operator’s name are required before the new notes will be released. 

“This initiative and others recently introduced by the bank would help put a stop to money laundering, vote buying, ransom taking, counterfeiting and so on.”