CBN commits to protecting underserved Nigerians in new naira rollout

By Rosemary Iwuala

The Central Bank of Nigeria (CBN) has committed to protecting the interests of millions of unbanked and underserved Nigerians, mostly resident in the rural areas, in the implementation of its naira redesign policy.

The apex bank also expressed satisfaction with the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

In a statement signed by Osita Nwanisobi, its director of corporate communications, the CBN said it has been collaborating with relevant agencies and other stakeholders in the financial system to ensure that vulnerable citizens are not disenfranchised.

This is coming sequel to the CBN’s announcement on October 26, 2022 of its decision to redesign and reissue the N200, N500, and N1,000 banknotes effective December 15, 2022.

“The CBN remains committed 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,” the apex bank said.

The CBN noted 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.), while also acknowledging that these may not be evenly distributed across all geopolitical zones and in some rural areas.

In addition, the CBN said the banking public in rural and underserved areas can now access its branches in the 36 states across the federation to enquire about “options for depositing their current N200, N500 and N1,000 notes and account opening processes, financial access points, wallet/account opening processes, financial access points”.

“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,” it said.

The CBN said it would continue to monitor developments and issue updates to the banking public on the implementation of the Naira redesign policy as may be necessary.