Distributive policy

Naira Overhaul Policy: CBN Reaffirms Commitment to Protect Nigerians in Unbanked Rural Areas

Abuja (Sundiata Post) – The Central Bank of Nigeria (CBN) has said it is getting positive responses from the banking public to its policy of overhauling some naira notes thanks to increased foreign currency deposits in banks and others financial institutions.

A statement dated Nov. 11 and signed by CBN’s director of corporate communications, Osita Nwanisobi, said the apex bank “remains committed to the transparent implementation of the initiative to ensure its preservation goals are met.” the integrity of the local legal currency by reducing the large amount of cash outside the banking system and its use in criminal activities, reducing counterfeiting and promoting financial inclusion, among others.

The statement further states that “while noting the gradual increase in financial access points and alternative banking channels over the years (electronic/internet banking, mobile apps, ATMs, cards/PoS, eNaira, banking agents, etc.), the Bank recognizes that these may not be evenly distributed across all geopolitical areas and in some rural areas.In operationalizing this initiative, the CBN has collaborated with relevant agencies and other financial system stakeholders in its execution, ensuring in particular that vulnerable citizens are not deprived of their rights.

“As a result, the banking public in rural and/or underserved areas can access CBN branches in the 36 States of the Federation to inquire about deposit options for their current N200, N500 and N1,000 notes, the processes of wallet/account opening, financial access points, etc…

“Additionally, branches across the country have been fully enabled for BVN registration, opening of bank/wallet accounts and e-Naira wallets, e-card distribution and cash deposit, among others. Due to the policy, agents have also been given priority to allow them to deposit collections at bank branches across the federation.

“The bank will continue to monitor developments and issue updates to the banking public on the implementation of the Naira Recast Policy as necessary.