CBN increases accessibility for public enquiries on naira redesign

The Central Bank of Nigeria (CBN) has announced that its doors across the 36 states of the country are open to the banking public in rural and underserved areas for enquiries regarding the Naira redesign as well as deposit options.

In a statement signed by Osita Nwanisobi, director, corporate communications, the financial regulator noted and lauded the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

It also noted the progressive increase in financial access points and alternative banking channels over the years such as electronic/internet banking, mobile apps. ATM, Cards/PoS, eNaira, agent banking, among others, and acknowledged that these channels may not be evenly distributed across all geopolitical zones and in some rural areas.

“In operationalizing this initiative, the CBN has been collaborating with relevant agencies and other stakeholders in the financial system in its execution, particularty ensuring that vulnerable citizens are not disenfranchised,” it stated.

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Furthermore, 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, the agents have also been accorded priority to enable them to deposit cash collections through bank branches across the federation.

The CBN stated that it 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 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,” it added.