The increased cash deposits in banks and other financial institutions around the nation has been praised by the Central Bank of Nigeria (CBN).
Osita Nwanisobi, the CBN’s director of corporate communications, made this statement over the weekend in Abuja. He also reaffirmed the bank’s dedication to the initiative’s smooth implementation in order to ensure the achievement of its goals, which include protecting the legitimacy of local legal tender by reducing the amount of cash that is kept outside the banking system and used for illegal activities, reducing counterfeiting, and promoting financial inclusion.
The Bank understands that despite the gradual expansion of alternative banking channels over the years (such as electronic/internet banking, mobile apps, ATMs, Cards/PoS, eNaira, and agent banking), these may not be fairly spread across all geopolitical zones and in certain rural areas.
He continued by saying that the CBN has been working with appropriate organizations and other financial system players to operationalize this approach, especially in order to prevent disenfranchisement of vulnerable persons.
In order to learn about possibilities for depositing their current N200, N500, and N1,000 notes, wallet/account opening procedures, financial access points, etc., the banking public in rural and/or underserved areas may contact CBN branches in the 36 states of the Federation, he emphasized.
“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.