The Central Bank of Nigeria (CBN) has lauded the increased deposit of cash in the banks and financial institutions across the country. The Director, Corporate Communications of CBN, Osita Nwanisobi, who stated this in Abuja at the weekend, also reiterated the bank’s commitment to the seamless 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 its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others.
Notwithstanding 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 operationalising this initiative, he added that the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularly in ensuring that vulnerable citizens are not disenfranchised.
He stressed that 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 and eNaira 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,” he explained.
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