Product Updates - January 21, 2023

Dear Business Owners,

In line with the CBN’s Naira Redesign policy to ensure the speedy collection of new notes,

The Central Bank of Nigeria is launching a cash swap programme, and you have been selected as one of the agents to help implement this new programme.

What is the Cash Swap Programme?

The programme enables citizens to exchange old Naira notes for redesigned notes.

The initiative takes effect from Monday, January 23, 2023 as follows:

  • Selected agents are to go to any branches of UBA, Access, FCMB, FBN or Zenith around them to withdraw not more than 500K new notes weekly and swap with old notes.
  • The swap should be in the form of POS withdrawals only of not more than 10K per person. Any withdrawal of more than 10K per person should not be paid with the new notes.
  • Agents are also permitted to charge cashout fees for the cash swap transactions but are prohibited from charging any further commissions to customers for this service.
  • You are to collect BVN, NIN or voters card details from customers paid with new notes for weekly submission to CBN

The CBN will continue to monitor the implementation of the programme and provide further guidance as may be necessary.

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