CBN continues currency swapping in Taraba rural communities

January 28, 2023

The Central Bank of Nigeria (CBN) on Saturday continued the currency swap exercise, the initiative targeted at ensuring that all rural dwellers in Taraba have their old naira notes swapped to new ones or deposited in banks before the January 31 deadline.

The Director of Financial System Strategy, Central Bank of Nigeria, Ibrahim Hassan who disclosed this to our correspondent during an awareness visit to Gassol Local Government said, the currency Swap Initiative was to help save communities who do not have access to a bank, swap their old naira notes to the new notes.

The CBN financial director also disclosed that a similar CBN delegation led by Mr Jackson Imandi, the Deputy Director, was drafted to Karim Lamido local area of the state, just as delegations were also at different geopolitical zones of Taraba for the Naira swap exercise to ensure that those at the grassroots do not end up losing businesses and other means of livelihood, due to the inability to access Nigeria’s new currency, before the January 31 deadline.

In his reaction to the visit, the Chief of Mutum-biyu, in Gassol local government, Alhaji Sani Suleiman Duna, commended the Central Bank of Nigeria for the initiative as it would save villagers who do not have Bank accounts from losing their longtime savings.

When contacted, Mr Jackson Imande also explained that the visit to rural communities was also targeted at the Point of Sale, (POS) operators, who were the major points of money transactions for the villagers.

“Within seconds of getting information on our arrival and the reason for the visit, a long queue was created by residents of Madagan Kifi village in Karim-Lamido Local Government Council to swap their old Naira notes

“Many of them have no bank accounts and relied on the currency swap to keep their hopes alive after the deadline.

“Businesses were already beginning to shut down in some communities because owners were rejecting the old notes before the arrival of the CBN delegation” He narrated.

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