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Redesigned Naira: CBN Launches Cash Swap Programme For Rural Dwellers …CAN Pledges Support For New Notes

Published

3 years ago

January 23, 2023

The Central Bank of Nigeria (CBN), is to launch a Cash Swap Programme in partnership with Super Agents and Deposit Money Banks (DMBs), to enable rural dwellers and those with limited access to formal financial services to exchange old Naira notes for the redesigned notes.
Director, Financial Markets Department of the Bank, Dr. Angela Sere-Ejembi, made this known at the weekend when she led a team to the popular Modern Market and North Bank Market all in Makurdi to sensitise traders and their customers on the redesigned Naira notes and the urgent need to return the old notes to commercial banks for new ones.
Represented by a Deputy Director in the bank, Mr. Demenongu Yanfa, Sere-Ejembi, disclosed that the Cash Swap Programme would take effect from today.
She said the initiative was part of a concerted effort by the apex bank to maximise the channels through which undeserved and rural communities could speedily exchange their old Naira notes.
Giving an insight into the swap process, Sere-Ejembi explained that “the old N1000, N500, N200 notes can be exchanged for the newly redesigned notes and/or the existing lower denominations (N100, N50 and N20, etc) which remain legal tender.
“The agent shall exchange a maximum of N 10,000 per person. Amounts above N 10,000 may be treated as cash-in deposit into wallets or bank accounts in line with the cashless policy. BVN, NIN, or Voter’s card details of the customers should be captured as much as possible.
“This service is also available to anybody without a bank account. Agents may, on request instantly open a wallet or account, leveraging the CBN Tiered Know Your Customer, KYC, Framework. This will ensure that this category of the populace are able to exchange or deposit their cash seamlessly without taking unnecessary risk or incurring undue cost.
“Agents shall sensitize customers on opening wallets/ bank accounts and the various channels for conducting electronic transactions. The designated agents are eligible to collect the redesigned notes from DMBs in line with the Revised Cash Withdrawal Limit policy. Agents are also permitted to charge cashout fees for the cash swap transactions but prohibited from charging any further commissions to customers for this service.”
According to her “Agents shall render weekly returns to their designated banks regarding the cash swap transactions. DMBs shall in tum render same to the CBN on a weekly basis.”
She said, “Principals (Super Agents, MMOs, DMBs) shall be held accountable for their agents adherence to the above guidelines.
“The Cash Swap agents will be readily identifiable in all local governments, particularly those in the rural areas and the CBN will continue to monitor implementation of the programme and provide further guidance as may be necessary.”
Sere-Ejembi told the gathering that since January 31, 2023 was the deadline for the withdrawal of the old Naira notes, there was a need for the people to take advantage of the remaining days to lodge their old notes in the banks.
She disclosed that the new notes were designed with special security features and produced to last long thereby saving the country the money spent on reproducing notes.
She advised the people to report to the CBN through a phone number provided on flyers, any bank that refuses to accept the old Naira notes before the January 31 deadline.
Meanwhile, Christian Association of Nigeria (CAN), has promised to support the Central Bank of Nigeria, to ensure the actualisation of the goals of the change of old currency notes.
CAN Secretary, Abia State, Rev. Dr OkechukwuMgbeahuru, who made the pledge when he received in audience a monitoring team from the CBN said, that churches in the state would help to sensitises their members about the new policy.
Mgbeahuru thanked the CBN for deeming it necessary to carry the church along in the new policy, and promised to help pass the message through the various CAN blocs.
He said that the public awareness on the new policy could be spread faster through faith-based organisations.
CAN noted with concern that the new Naira notes were still scarce, and urged the apex bank to help clear the impediments slowing down the circulation process.
Adding his voice, the Abia State Coordinator of Nigeria Prays, Dr Chuks Alozie, lauded the CBN for the policy, saying that any economic policy that would help revive Nigeria’s economy would receive the tacit support of the church.
Speaking earlier, leader of the CBN team, and the Head, Corporate Communications Department of the apex bank, OsitaNwanisiobi, said that they were in the state to enlighten the public on the details of the new policy, and to assess the level of compliance by commercial banks on the distribution directives of the new currency notes.
He noted some complaints by traders and members of the public that the new notes were not fully circulating.
The CBN Spokesperson said the team had visited some banks where it was found that many of the banks were still dispensing the old currency notes in their Automated Teller Machines (ATMs).
Nwanisiobi said the team had noted some of the challenges that commercial banks said they had in distributing the new currency notes, promising that in the coming days more new Naira notes would be in circulation.
He said the banks had been sternly warned to ensure they load their ATMs with only the new naira notes, and not to dispense the new notes over the counter for now.
Nwanisiobi threatened heavy sanctions against any commercial bank found hoarding the new currency notes or flouting the guidelines on their distribution.
He said that the CBN had enough of the new currency notes, while urging commercial banks to come to the apex bank and collect their allocations.
Addressing traders earlier at Ubani Ultra Modem Market, Nwanisiobi said that the January 31 deadline for the old currency notes to cease being a legal tender was sacrosanct.
He urged traders to deposit all their old currency notes before the deadline, adding that people without bank accounts could still sway their old currency notes through super agents in communities and hamlets where there are no banks.
He also urged people to embrace other payment options for their financial transactions to minimise the use of physical cash.
In a remark, Vice Chairman of the market, Chief Chikaodi Chukwunyere, pleaded with the CBN to send super agents to the market for currency swap for people without bank accounts.
The CBN team also took the public enlightenment to the mosques in Umuahia to sensitise Muslim faithful.
In an interview with newsmen, Chief Joseph Anosike (Niger Tailors), accused commercial banks of sabotaging the new policy by taking the new naira notes to politicians.
He regretted that the masses expecting to get the new naira notes via ATMs get disappointed as most of the banks still dispense the old notes through their ATMs.

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Fubara Pledges Cleaner Gateway To PH City …Visits New Dumpsite At Igwuruta

Published

2 weeks ago

October 24, 2025

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has unveiled plans to permanently relocate the dumpsite along the busy Port Harcourt Airport–Obiri-Ikwerre Road, describing the current location as both a public health threat and a damaging first impression for visitors arriving in Port Harcourt, the State capital.

The Governor made this known on Tuesday during an inspection of a proposed replacement site, which is a disused burrow pit near Bambo Estate, off Eneka Road in Igwuruta, Ikwerre Local Government Area.

The location is being assessed as a potential permanent dumpsite for the State.

Governor Fubara, who was conducted by the Board Chairman, Rivers State Waste Management Agency (RIWAMA), Dr Samuel Nwanosike, and its Managing Director, Dr Ibimina Wokoma, expressed concern about the environmental and health challenges posed by the existing site, which sits along a major entry point into the State.

“The kind of environmental hazards that we are facing there along the Airport–Obiri- Ikwerre Road; the smell on that road being the entrance into the State, we felt it’s not proper,” he said. “So, we are making alternative arrangements so we can have a permanent refuse dumpsite that meets acceptable standards.

“He added that the government would move swiftly to formalise ownership of the land and complete construction work on the access road to make the new site functional.“We have not concluded the issue of the burrow pit, but the access road, I think the government is doing something about it.

So, I will make sure that everything that needs to be done to ensure government owns this burrow pit is done,” he stated.

Governor Fubara also commended the Rivers State Waste Management Agency (RIWAMA) for what he described as a more assertive and improved approach to managing refuse across the State.In addition to the dumpsite inspection, the Governor also visited the Permanent Secretaries’ Quarters located in Elimgbu Town, Obio/Akpor Local Government Area, to assess the extent of ongoing construction work on the facility.

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Fubara Tasks New SSG On Honour, Service, Protection Of Rivers Interest

Published

3 weeks ago

October 17, 2025

The Tide

Rivers State Governor, Sir Siminalayi Fubara, has charged the newly appointed Secretary to the State Government (SSG), Barrister Benibo Anabraba, to uphold the dignity of his office, protect the interest of the State, and discharge his duties with honour, respect, and responsibility.

Governor Fubara gave the charge during the swearing-in ceremony of the new SSG, held on Monday at the Executive Council Chambers of Government House, Port Harcourt.

Describing Anabraba’s appointment as an act of divine favour, the Governor said positions of leadership are not attained by our own human effort but by God’s grace in our lives.

“Let me first congratulate you. I’m using the word ‘congratulations’ because a few of us, not by our power but by the special favour of God, find ourselves in exalted positions. It’s not because we are the best, but only by His grace.”

Governor Fubara noted that the Office of the Secretary to the State Government is one of great honour, occupied by only a few since the creation of Rivers State, and urged the new appointee to serve with humility and dedication.

He, however, expressed confidence in Anabraba’s capacity to deliver, citing his past record as a principal officer of the Rivers State House of Assembly.

“This position is a rare privilege. Guard that office with honour. Discharge your duties with respect. Protect the interest of Rivers State. When you leave office, let it be with honour, and that only comes through responsible service.

“I know you’re a dedicated person. This opportunity is not for show or display of power. It’s a call to duty,” he cautioned.

The Governor emphasised that the current administration is focused on restoring confidence of the people because peace has been achieved in the State.

He enjoined the new SSG to align with the vision of the administration and contribute meaningfully to the collective progress of Rivers people.

“We are emerging from a very difficult period and must reassure our people that we mean well for them, especially now that peace has returned to Rivers State. By the grace of God, do your work well. Help us succeed in this assignment that God has given to us,” the Governor added.

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Nigeria’s First Lady Flags Off Renewed Hope Health Initiative In Rivers …Targets Measles, Rubella, HPV Vaccination For Children, Women

Published

3 weeks ago

October 17, 2025

The Tide

The First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu, has reiterated her commitment to expanding vaccine coverage nationwide, declaring that the ongoing Measles and Rubella vaccination campaign in Rivers State will surpass all previous records in scope and success.

Speaking through the wife of the Rivers State Governor, Lady Valerie Siminalayi Fubara, Senator Tinubu made this statement during the flag-off ceremony of the Measles, Rubella, and HPV Vaccine Sensitisation Campaign, organised under the Renewed Hope Initiative (RHI) at the Banquet Hall, Government House, Port Harcourt on Monday.

The campaign, implemented by the RHI in collaboration with the Rivers State Primary Healthcare Management Board, C-WINS, and international partners including WHO, UNICEF, Gavi, and Vaccine Alliance, aims to protect millions of children and women from preventable diseases.

“We will leave no stone unturned to ensure that the measles vaccine coverage achieved through this campaign exceeds that of the past,” Senator Tinubu affirmed. “Through technical and financial support, this partnership will ensure that by February, 2026, well-trained staff are deployed across communities to vaccinate all eligible children.”

Rivers State is among the Fourth Stream of Phase One states participating in Africa’s largest-ever health initiative, targeting over 106 million Nigerian children for vaccination against Measles, Rubella, Polio, and HPV. The local rollout is expected to commence in February, 2026, reaching children aged 9 months to 14 years across all 23 local government areas.

Senator Tinubu highlighted the risks of the targeted diseases, describing Measles and Rubella as “highly contagious and potentially deadly,” noting that Rubella can cause severe complications for unborn babies, if contracted by pregnant women.

“The best way to prevent both diseases remains vaccination,” she emphasised.

Narrowing down to efforts by the Rivers State Ministry of Health, the State Primary Healthcare Development Agency, and the State Task Force on Primary Healthcare, led by Deputy Governor, Prof. Ngozi Nma Odu, she noted how instrumental it has been in ensuring comprehensive outreach through an inter-sectoral approach involving education, women affairs, information ministries, traditional and religious leaders, and the security sector.

Senator Tinubu urged parents and caregivers to cooperate fully with health workers.

“The Measles-Rubella vaccine is safe, effective, and free in all our health centres. Please, ensure your children are vaccinated at the right time to protect them from these deadly infections.

“Let us all play our part in spreading awareness. Together, we can safeguard the health and future of our children,” she said, before formally declaring the sensitisation programme open.

In her goodwill message, Deputy Governor, Prof. Ngozi Nma Odu, commended the Renewed Hope Initiative for its sustained impact in Rivers State, noting that the Measles, Rubella, and HPV Sensitisation Programme marks “a significant step in promoting public health awareness, particularly among women and children.”

She highlighted the particular benefit to the girl-child through HPV vaccination, calling it “an investment in their future health and empowerment.”

The Rivers State Coordinator of WHO, Prof. Giwa Abdulganiyu, praised the collaboration between RHI and the State Government, describing the campaign as “a worthy step in the right direction,” and reaffirmed WHO’s continued partnership in achieving health for all.

Earlier, the RHI Rivers State Coordinator, Mrs. Tonye Briggs-Oniyide, welcomed guests, and reaffirmed the initiative’s goal of reducing the incidence of Measles and Rubella in the state.

“These diseases have the potential to cause emergencies and great distress in families. Today’s flag-off represents our collective determination to raise awareness and prevent such tragedies,” she added.