Currency Redesign: CBN Restates Commitment to Protect Nigerians in Unbanked, Underserved, Rural Areas

Central Bank of Nigeria (CBN) has reiterated its commitment towards protecting every citizen of the country in the unbanked, underserved and rural areas.

The apex bank in a statement signed by the Director, of Corporate Communications, Osita Nwanisobi sent to Business Remarks noted that the CBN is pleased to note the positive response of the banking public to the currency redesign policy.

The bank notes that the positive response is noted through increased currency deposits across banks and other financial institutions.

While expressing commitment to the seamless implementation of the initiative, CBN said the move is to ensure the achievement of its objectives by preserving 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.

Whilst 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 acknowledges that these may not be evenly distributed across all geopolitical zones and in some rural areas. In operationalizing 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 reads.