The Central Bank of Nigeria (CBN) has restated its commitment to preserving the integrity of the naira whilst protecting the unbanked, underserved and rural areas of the country.
Whilst noting that it is pleased with the positive response of the banking public to the redesigning of the naira through increased currency deposits across banks and other financial institutions, the CBN said, it remains committed to the seamless implementation of the initiative.
CBN, in a press statement issued and signed by the director, Corporate Communications, Osita Nwasinobi said, the policy was to ensure achievement of tobjectives of the apex bank 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.
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.), CBN said it acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas.
“In operationalising this initiative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly ensuring that vulnerable citizens are not disenfranchised.
“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 federation.
“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,” the statement read.
