Monday, December 11, 2023

CBN Licenses 400 Kogi Money Agencies For Naira Swap

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The Central Bank of Nigeria , CBN has licensed 400 money agents to facilitate easy swap of the newly redesigned notes by rural dwellers.

This is to enable more people to meet the January 31st deadline for the final withdrawal of the old notes from circulation.

Speaking on Thursday at the palace of Elulu of Mopa, Oba Julius Folorunsho, the Kogi State branch controller of the Apex bank, Ahmed Sule Isah, said that people can visit any of the agencies to swap their old notes with the newly redesigned ones adding that an individual would be entitled to swap 10,000 at a time.

READ ALSO: CBN Launches Nigerian Domestic Card, AfriGo, Bans Dollar Charges On Domestic Transactions

“People can also deposit their old notes into their accounts while those without bank account would be encouraged to open one at the point of the licensed Agents.”

The Ex-Governor of the state, Chief Clarence Olafemi, who responded on behalf of the Elulu, however, pleaded with the CBN to consider an extension to the January 31st deadline, particularly for the rural dwellers.

“Our economy in this part of the state has already collapsed, people are no longer opening their shops, and those who manage to open are exploiting the masses, I am pleading with you to prevail on the management to consider the rural dwellers before setting the deadline since the redesigned policy is not aimed at punishing the people,” he said.

READ ALSO: New Notes Available In Sufficient Quantity – CBN

Olafemi who was once Speaker of the state House of Assembly said, “I know a bit about the business of lawmaking, you have to consider consequences before making laws and not the other way round.”

He also called for improvement in access to effective communication in rural areas which he said was also one of the reasons why the notes swapping must be extended.


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Photo Credit: Getty

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