CBN Engages 400 Agents for Currency Swap in Kogi

Ibrahim Oyewale in Lokoja

 The Central Bank of Nigeria (CBN) yesterday disclosed that it licenced over 400 money agents to facilitate easy access to the newly redesigned notes by the rural dwellers across the length and breadth of Kogi State.

 The apex bank also disclosed that it intensified its sensitisation programmes on the redesigned Naira notes in Abubakar Gumi Central Market, Kaduna and Central Market in Gusau, Zamfara to ensure the new notes get to the grassroots.

 CBN’s Director, Strategy Management, Clement Buari revealed the bank’s decision to hire 400 licenced money agents at the palace of Elulu of Mopa, Oba Julius Joledo yesterday.

 At the palace of the monarch, Buari said that people could visit any of the banks or money agents “to swap their old notes with the newly redesigned notes. An individual will be entitled to swap 10,000 at a time and at no cost.”

 He said: “People can also deposit their old notes into their accounts while those without bank accounts would be encouraged to open one at the point of the licenced agents.

 “The aim was also to encourage cashless policy as people would also be encouraged to key into the e payment system of the Apex bank.

“Our focus in the current cash swap exercise is first for the unbanked population in the 13 local govt areas of Kogi state where there are no banking & ATM services.

He said that the agents are being used to mop up the old notes for new and are also expected to facilitate E wallet account opening for easy access to financial services.

“This advocacy will continue until our people are financially included, he added. The benefits of this policy are enormous, as it will support the effective implementation of monetary policy that ensures price & financial system stability.”

Responding on behalf of the monarch, former Governor of Kogi State, Chief Clarence Olafemi pleaded with the CBN to extend the deadline for swapping Naira notes particularly for the sake of the rural dwellers whose economy would be affected.

Olafemi said: “Our economy in this part of the state is already being affected as our people are no longer opening their shops, those who manage to open are exploiting the masses,

“I am pleading with you to prevail on the management to consider the rural dwellers for extension of the deadline since the redesigned policy is not aimed at punishing the people,” he said.

He called for improvement in access to effective communication to the rural areas, which he said, was also one of the reasons the notes swapping exercise should be considered.

In Kaduna, CBN’s Director, Capacity Development Department , Mohammed Abba urged Nigerians to change their old notes, saying that there would be no going back on the January 31 deadline.

He said: “We are not just starting the sensitisation. We have involved the National Orientation Agency and some other media houses since when the Governor of CBN, Godwin Emefiele made the announcement.

“We are just trying to consolidate that effort now. The deadline is getting closer and people need to be carried along,” Abba explained.

He urged traders to visit their banks, deposit the old notes and get the new ones so that at the end of the month, their monies will not become useless.

He explained that the CBN “is working assiduously to ensure that the banks in Kaduna seize to dispense old Naira notes. We are going round the banks to ensure that new notes are available in their ATM.

“If we find any bank that is breaking this rule, we will put sanctions on them. We have enough money in the CBN We believe that by Monday all those banks that are dispensing old notes will stop doing that,”

He said that CBN would reach out to people in rural areas through their traditional rulers so as to sensitize them on new notes and deadlines.

In Zamfara, Head of Currency Operations and Distribution, Dauda Maccido said the era of printing fake naira notes is over.

He added that the new naira notes have the security that can not be fake, the era of fake notes is over.