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Currency Redesign: CBN Commits To Protecting Nigerians In Rural Areas

The Central Bank of Nigeria has said it is satisfied with the positive response of the banking public to the Naira redesigning policy through increased currency deposits across banks and other financial institutions.

The CBN said it remains committed to the seamless implementation of the initiative to ensure the
achievement of its objectives to preserve the integrity of the local legal tender by reducing
the significant amount of cash outside the banking system and its use in criminal activities,
curtail counterfeiting, and promote financial inclusion, amongst others.

While noting the progressive increase in financial access points and alternative banking
channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira,
agent banking, etc.), the Bank said in a statement that it acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.

In operationalizing this initiative, the CBN said it has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised.

The statement reads in part, “Accordingly, the banking public in rural and/or underserved areas may access CBN branches in the 36 States of the Federation to enquire about options for depositing their current N200, N500, and N1,000 notes, wallet/account opening processes, financial access points, etc.

“Furthermore, agent locations across the country have been fully enabled for BVN
registration, opening banking accounts/wallets & e-Naira wallets, electronic card distribution,
and cash deposit, among others.

“Due to the policy, the agents have also been accorded
priority to enable them to deposit cash collections through bank branches across the

“The Bank shall continue to monitor developments and issue updates to the banking public
on the implementation of the Naira redesign policy as may be necessary.”

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