The Central Bank of Nigeria (CBN), has excluded Point of Sale (POS) operators from its newly-launched cash swap programme. This is as the Tuesday, January 31, 2023, deadline to phase out the old N200, N500, and N1,000 naira notes approaches.
In a Frequently Asked Questions (FAQs) document released to selected agents on Monday, January 23, CBN provided some guidelines for the cash swap programme.
According to the document, only five banks have been approved to engage in the programme. They are -Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.
It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”
On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.”
The document, however, prohibited the agents from using the new notes for their regular transactions, only for the programme.
On where the agents can get the new notes, the document added, “from one of these designated banks (Zenith, First Bank, Access, UBA, FCMB). However, you must have a bank account with that bank and your operators (super agent/MMO/bank) will have pre-registered you with the bank where you have an account.”
It added, “you must go to the bank you have informed operator (super agent/MMO/bank) of. That is where your agent details will be submitted to for verification when you get there to collect the new notes.”
Also, each agent’s name, BVN number, and operator’s name are required before the new notes will be released.
The document added that the bank would also verify the agent’s picture and finger print.
The document also noted that an agent is expected to have a record of the customer’s Know-Your-Customer information, which includes name, phone number, bank, account number and amount.
It was also noted that why there is no restriction on how much a customer can deposit, only N10,000 can be released per customer under the cash swap programme.