CBN includes MFBs, 30,000 supper agents in cash swap initiatives

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Central Bank of Nigeria (CBN) said it has expanded the number of participating agents  in cash swap initiatives, including some micro finance banks to reduce pressure in the banking halls and ensure that the new naira notes  circulate across the country.

The Governor, CBN, Godwin Emefiele who disclosed this over the weekend during press conference on the on the Benefits of the Naira Redesign Policy said apex bank has commenced a nationwide sensitization through the Print and Electronic Media to create an awareness on the redesigned Notes to Nigerians including collaboration with the National Orientation Agency to reach all Nigerians across multiple channels.

He said CBN has deployed 30,000 Super Agents nationwide to assist in Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the Country to ensure that the weak and vulnerable ones amongst us can swap/exchange their old notes.

Listing benefits of a Currency Redesign Policy,  Emefiele said “the currency redesign policies are designed by countries to strengthen the performance of key macroeconomic parameters and equally combat social improprieties. “Chiefly, it is expected to reduce the amount of cash in underground or illicit economy, truncate the activities of racketeers, and obliterate rent-seeking businesses in the black market.

“By reducing currency outside banks, it will shrink money stock and accordingly lower the long-run path of inflation.”

Speaking further he said ” Effectively implemented currency redesign large causes a fall in money supply. “This will lead to reduction of value of money in circulation and a deceleration of the velocity of money in the economy leading to less pressures on domestic prices.

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