ACJHR Hails CBN’s Cash Swap Policy

Sunday Aborisade in Abuja

A civil society organisation, the 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 that his heart is geared towards the upliftment of the poor with cash swap initiative introduced by the CBN.

The central bank had launched the cash swap programme as a means to reach out to the grassroots that have limited access to banks and other payment channels, to enable them bring in their old notes before the January 31 deadline.

The CBN’s decision to launch the cash swap programme came amid commercial bank’s failure to make the new naira notes available despite threats of sanctions.

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

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

According to him, Emefiele and President Muhammadu Buhari deserved praises for introducing the initiative for the unbanked population.

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 complains in some quarters on the reach and sensitisation 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.”