The Central Bank of Nigeria says residents of rural and unbanked areas can no longer swap old notes for new ones through its cash swap programme.
The CBN Acting Spokesperson, Isa Abdulmumin, disclosed this in a chat noting that the programme had fulfilled its mandate and has been stopped.
Key statement: “The programme has stopped. The cash swap was not in perpetuity and had a lifeline.”
However, the Association of Mobile Money and Bank Agents in Nigeria had described the programme as ineffective, insisting that participation by stakeholders was minimal.