CBN bans PoS agents in Abuja, Lagos from naira swap, refuses to extend deadline

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CBN, PoS operators, naira swap, deadline, new naira notes

CBN bans PoS agents in Abuja, Lagos from naira swap, refuses to extend deadline

The Central Bank of Nigeria has barred Point of Sales (POS) agents in Abuja and Lagos from swapping the new naira notes.

In a document released to selected agents, the CBN provided some directives for the cash swap program.

According to the document, only five banks have been approved to engage in the program. They are: Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.

It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”

On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.

“You must go to the bank you have informed the operator (super agent/MMO/bank) of. That is where your agent details will be submitted for verification when you get there to collect the new notes.

Before the new notes can be issued, each agent’s name, BVN number, and operator’s name must be provided.

The bank would also verify the agent’s picture and fingerprint, according to the document.

CBN refuses to extend deadline

Meanwhile, the Central Bank of Nigeria (CBN) has ruled out any possibility of extending or shifting the deadline on the deposit of the old naira notes.

This was disclosed during a press briefing at the end of the first Monetary Policy Committee (MPC) in Abuja on Tuesday, January 24, 2023.

CBN governor, Godwin Emefiele, apologised to Nigerians for not extending the deadline but stated that 100 days from when the announcement was made to the expiration date was enough for Nigerians to deposit their old notes.

The CBN governor also noted that the Committee has decided to aggressively increase the interest rate to 17.5

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