CBN Accredits 400 Agents To Mop Up Old Naira Notes From The System

The Central Bank of Nigeria (CBN) has licensed over 400 money agents to facilitate easy access to the newly redesigned notes by the rural dwellers across the length and breadth of Kogi State.

The bank stated that this would enable more people meet the January 31 deadline for the final withdrawal of the old notes from circulation.


The director, strategy management of the apex bank, Clement Buari disclosed this on Saturday at the palace of the Elulu of Mopa, Oba Julius Olufunsho Joledo.

He said the people could visit any of the banks or money agents to swap their old notes with the newly redesigned notes, adding that an individual would be entitled to swap 10,000 at a time and at no cost.

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

He explained that the exercise is to capture the unbanked population in the 13 local government areas of the state, adding that the overall aim is to encourage the cashless and e-payment policy of the CBN.

Responding on behalf of Eluu, Chief Clarence Olafemi pleaded with the CBN to consider an extension to the January 31 deadline, particularly for the sake of the rural dwellers whose economy would be affected.

Olafemi, who was once a speaker of the state House of Assembly, called for an improvement in access to effective communication to the rural areas.

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