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Redesigned Naira: CBN Launches Cash Swap Programme For Rural Dwellers …CAN Pledges Support For New Notes
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: Nigeria Needs God-fearing Leaders To Make Progress …Applauds Seventh Day Adventist
Governor of Rivers State, Sir Siminalayi Fubara, says Nigeria needs God-fearing leaders for the nation to move in the right direction and make meaningful progress.
The Governor stated this yesterday when he received in audience, the World President of the Seventh Day Adventist Church, Pastor Erton Kohler; his wife, Andriene Marques Kohler; daughter Mariana Marques Kohler and a retinue of ministers of the church at Government House, Port Harcourt.
Fubara who hailed the Seventh Day Adventist Church for its contributions to education and the grooming of future leaders in Nigeria, expressed delight that the Church had over the years, been investing in education at various levels and currently runs two universities in the country.
He commended the church for not only using its institutions to spread the gospel of Christianity but to groom future leaders for the country.
According to him, religion should not be just about defending one’s faith, but also making meaningful impact on the lives of the people.
He said that by floating these educational institutions, the church has demonstrated capacity to support Nigeria in the task of producing not only educated people but a breed of God-fearing leaders.
“Our country is where it is today because we lack the fear of God. If you have the fear of God, there should be a limit to what you can do because you understand the supremacy of God. But when God is not in your equation, you’ll go beyond the line and that is what has brought us to where we are today.
“So, I feel very happy that you are contributing to the development of our future leaders in this country. We need the right people being in the right place; prepared properly with good minds; that is what we need, not just in Nigeria but round the whole world.,” he said.
Governor Fubara further observed that the absence of God-fearing people in high places to take the right decisions that could impact positively on the society, has also given rise to other problems such as social inequality, poverty, corruption and criminality. According to him, Nigeria needs a system where the average parent could afford quality education for their children and a guarantee that upon graduation, the average child will have the capacity to compete favourably with anybody, anywhere in the world.
“If we have a situation where the little money that you’re being paid as wage can also afford you quality healthcare and after working at least for 15-20 years, you have a roof over your head, tell me why you should be involved in any kind of crime? At that point, you’ll feel secured and this attitude of insecurity about the future that leads to all the social vices we have today won’t be there,” he said.
Governor Fubara expressed appreciation to the delegation for the visit and for their prayers for Rivers State, assuring them of his continued support for their programmes in the state.
Leader of the delegation and World President of the Seventh Day Adventist Church, Pastor Erton Kohler said he was in Nigeria for a special conference of the church during which thousands of the church’s ministers will be undergoing an empowerment programme to further equip them for the task of herding their flocks and serving the society.
He expressed gratitude to the Governor for the warm reception accorded his entourage, saying the memory of the visit will linger in his mind for a lifetime.
Kohler disclosed that the Church has over twenty -four million (24,000,000) members and more than 182,000 places of worship, spread across 212 countries of the world.
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Rivers Assembly Approves Fubara’s 2026–2028 MTEF
The Rivers State House of Assembly has approved the 2026–2028 Medium Term Expenditure Framework (MTEF) submitted by Governor Siminalayi Fubara.
This reaffirms the lawmakers’ commitment to enacting laws and taking legislative actions geared towards the overall development of the State.
The Assembly gave the approval during its Second Legislative Sitting of the Fourth Session held last Friday.
Speaking on the MTEF document during plenary, the House Speaker, Rt. Hon. Martin Amaewhule, noted that by the provision of Section 10(1)(b) of the Rivers State Fiscal Responsibility Law No. 8 of 2010, the MTEF ought to have been laid before the House in September 2025.
Amaewhule explained that traditionally, the document is expected to be presented four months before the commencement of the next financial year and immediately after the expiration of every three-year fiscal cycle.
He, however, stated that in the interest of the State and its people, the House considered it necessary to deliberate on the document, describing it as a precursor to the 2026 Budget Estimates.
The Speaker expressed concern that the year had already progressed significantly before the presentation of the framework.
During deliberations on the document, members examined the assumptions and projections contained in the MTEF and observed that strict adherence to the outlined fiscal parameters would ultimately serve the interest of Rivers people.
The lawmakers maintained that effective implementation of the framework would promote prudent financial management and enhance developmental planning across the State.
Following the debate and positive consideration by members, the Speaker put the question to the House and members voted overwhelmingly in support of the approval of the MTEF.
Meanwhile, during the same sitting last Friday, the House also received a petition from the Chairman of Obio/Akpor Local Government Council, Dr. Gift Worlu.
The petition was presented by the member representing Obio/Akpor Constituency II, Hon. Emilia Amadi.
According to the petition, concerns were raised over an imminent security breach, threats to lives, destruction of property and alleged forceful takeover of property by some lawless persons within parts of the Local Government Area.
Presenting the petition before the House, Hon. Amadi appealed to the lawmakers to revisit the matter and take necessary steps aimed at safeguarding lives and property in the affected communities.
The House is expected to further deliberate on the petition and consider measures to address the concerns raised in order to sustain peace and security in the area.
King Onunwor
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JUNE 12: Democracy Remains Nigeria’s Strongest Path To Unity, Progress, Says Fubara ….Extols Abiola, Wife
Governor of Rivers State, Sir Siminalayi Fubara, has reaffirmed that democracy remains the most effective system of government for Nigeria, given the country’s rich diversity of ethnic, religious, and cultural identities.
In a goodwill message to Nigerians on the occasion of the 2026 Democracy Day celebration, Governor Fubara said June 12 represents far more than a historic date; as it embodies the enduring struggle, sacrifice, and collective aspiration of Nigerians for freedom, justice, and representative governance.
The Governor extended warm felicitations to Nigerians at home and in the Diaspora, paying tribute to the heroes and heroines of the democratic struggle, particularly Chief MKO Abiola, his wife, Kudirat Abiola, and countless others whose courage and sacrifices helped secure the democratic freedoms Nigerians enjoy today.
According to him, “June 12 is a reminder of the price paid for the democracy we enjoy today. The sacrifices made by Chief MKO Abiola, Kudirat Abiola, and many other patriots who laid the foundation for the democratic journey we continue to enjoy today. Their commitment to the principle that power must ultimately reside with the people remains a source of inspiration for every generation of Nigerians.”
Governor Fubara noted that thirty-three years after the historic June 12, 1993 election, Nigeria’s democratic experiment has continued to evolve despite challenges and setbacks.
“Our democratic journey has not been without difficulties, but the resilience of our institutions and the determination of our people have kept the nation moving forward. The ability to express differing opinions, engage in constructive debate, and peacefully choose leaders through the ballot remains one of the greatest achievements of our nation,” he said.
Governor Fubara stressed that democracy provides the best framework for managing Nigeria’s diversity and transforming it into a source of national strength.
“Nigeria’s diversity should never be seen as a weakness. Properly harnessed, it is our greatest asset. Democracy offers us the opportunity to build consensus, promote inclusion, strengthen national unity, and create the conditions for sustainable development and shared prosperity,” he said.
Governor Fubara commended President Bola Ahmed Tinubu, for his commitment to the Renewed Hope Agenda and ongoing efforts aimed at economic revitalization, strengthening security, and deepening democratic institutions across the country.
He reiterated the readiness of Rivers State to continue partnering with the Federal Government in advancing policies and programmes that improve the lives of citizens through infrastructure development, job creation, enhanced security, quality education, healthcare delivery, and good governance.
The Governor further called on Nigerians, regardless of political affiliation, ethnic background, or religious belief, to use the occasion of Democracy Day to renew their commitment to the Nigerian project and the ideals that underpin democratic governance.
“Democracy must not be viewed merely as a periodic electoral exercise. It must be reflected in our daily commitment to accountability, transparency, tolerance, justice, respect for the rule of law, and responsible leadership. As citizens and leaders, we all share a collective responsibility to strengthen our democracy and build a nation that future generations will be proud to inherit,” he said.
Governor Fubara expressed optimism about Nigeria’s future, urging citizens to remain united, hopeful, and committed to the values of peace, dialogue, and national development.
“Together, we can build a stronger, more inclusive, and more prosperous Nigeria where every citizen has the opportunity to thrive and contribute meaningfully to national progress,” he said.
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