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Curency Redesign: CBN Commits To Protecting Nigerians in Unbanked, Underserved, and Rural Areas



The Central Bank of Nigeria (CBN), has reassured Nigerians it commitment towards protecting banking public living in Unbanked, Underserved and Rural Areas as it proceed with the country Naira redesign.

In a statement signed by the Director, Corporate Communications, Osita Nwanisobi explained that the Bank shall contnue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary.

Further to its Press Release of October 26, 2022, the Central Bank of Nigeria (CBN) is pleased to note that the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.


The statement noted that, CBN has remains committed to the seamess implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and the use in criminal activiies, curtail counterfeiting and to promote financial inclusion, amongst others.


While 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 initative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in the execution, particularly ensuring that vulnerable citizens are not disenfranchised.” Said Asita Nwanisobi.


According to the statement, the banking public in rural and 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.

“Furthemore, 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.” As contained in the statement

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