CBN Cash Swap Programme for vulnerable people to begin Monday 23, January 2023.
By Abubakar Baba Ahmad.
From Monday 23 January 2023, the Central Bank of Nigeria CBN is to deploy its personnel in strategic locations in Bauchi metropolis for people to exchange their old naira currencies, not exceeding ten thousand naira with the new ones.
The Director Medical Services of the Bank, Dr Abdulkadir Jibril stated this when he led other executives of the Apex Bank on a courtesy visit to the Emirs of Bauchi and Katagum.
Dr Abdulkadir Jibril said the apex bank conducted feasibility study on the situation and became concerned about the welfare and conditions of the common man, hence its resolve to introduce the measure to cushion the effect.
“People in the rural areas who have ten thousand or less can now exchange, we take their old notes not more than ten thousand and hove them the new notes. Remember what we are doing now is asking people to take their monies into accounts, we are not exchanging, so the only leeway given now is for ten thousand naira and below for downtrodden masses,” CBN Director Medical Services Dr Jibrin clarifies.
He told the Emirs that the policy was aimed at mopping up cash in the hands of individuals, reducing inflation and insecurity especially ransom demand by kidnappers among others.
The Director Medical Services of the CBN appealed to the traditional leaders to help disseminating the information to their subjects in all nooks and crannies of their domain to ensure they are not negatively affected by the directive.
” The wisdom behind involving the father’s of the land, they have access to the grassroots, they have different subjects at different levels who can reach to the grassroots so that’s why we are pleading with them to partner with us so that we can reach down-down to the grassroots,” He emphasizes.
Responding, the Emir of Bauchi Dr Rilwanu Sulaiman Adamu appreciated the Apex Bank for the visit, noting that the decision to embark on the awareness campaign will help a lot in ensuring that people especially at the grassroots deposit their old notes.
“We are very optimistic that this policy will help improve the economy of the country, and by the Will of Almighty God it will be a positive development. We are ever ready to support all policies and programmes of government and so shall we do now by mobilising all District Heads for this assignment so that every individual will understand what the policy means,” Dr Rilwanu Adamu promises.
On his part, the Emir of Katagum Alhaji Umar Farouk the second who advised the Central Bank to ensure the new currency notes are in full circulation before the deadline, emphasised that failure to release the required amount may plunge people into hunger and destitution.
Alhaji Umar Farouk who acknowledged that the policy is common among nations of the world, promised to ensuring that apex bank’s deadline is well communicated to his subjects.
The Central Bank of Nigeria CBN on the 26 of October 2022 announced the redesign of three naira denominations, and directed that the new and existing currencies remain legal tender and circulate together until January 31, 2023.
