CBN monitors POS super agents on swapping of redesigned naira notes in Ogun

The Central Bank of Nigeria (CBN), on Thursday, embarked on monitoring of Point of Sales (POS) super agents on swapping of newly redesigned naira notes with the old currencies across some major towns in Ogun State.

The exercise was in line with the directive of the apex bank to ensure the seamless exchange of the redesigned new notes with the old ones before the January 31st deadline.

The monitoring was conducted in Sagamu; Ijebu-Ode; Ilishan; Sango-Otta, Ilaro and other parts of the state.

Speaking with the Tribune Online, the Deputy Director, Banking Supervision Unit of the Bank, Abeokuta Branch, Mr Jayeola Olugbenga, said the POS agents were selected by commercial banks in the state for the swapping of the old notes to residents in rural areas.

Olugbenga said officials of the apex bank visited POS agents in Ijebu-Ode, Remo, Ilaro and Sango-Ota axis of the state.

He explained that the essence of the exercise was to sensitize members of the public, especially those in the rural areas to swap their monies; N200, N500 and N100 before the deadline.

“The essence of this monitoring is to ensure that the redesign naira notes go round the populace. The apex bank through the commercial banks distributed these monies to super agents, that is, operators of POS.

“We are moving round to ensure that they swap the monies brought to them by residents. We rule that N500,000 be given to an agent per week so those that have received N250,000 and N300,000 will still go back to get the rest.

“We want to assure the general public that the money is there and more ATMs are functioning. We have moved around and we have seen that ATMs that were not functioning are now functioning so there is no more excuse for people.”

He expressed satisfaction that the monies would go round through the Swap Policy before the old notes cease to exist from midnight of next Wednesday.

“We are happy because all the nooks and crannies of this state the super agents are functioning and from our interview, people are happy with this development,” he added.

Also speaking, the Deputy Director for Research Department for CBN, Abuja, Dr Adeniyi Adenuga, said the redesign notes is in line with global practice to address issue of counterfeiting.

While adding that the involvement of the POS super agents would promote financial inclusion on the part of the people, especially those who does not have bank accounts.

READ FROM ALSO NIGERIAN TRIBUNE 

• Fuel Scarcity, Naira Redesign: Tinubu Shedding Crocodile Tears – Atiku/Okowa Campaign

• Those Threatening Me Will Never Win”- Wike

Officials of the Central Bank of Nigeria (CBN), Abeokuta Branch, during the monitoring of Swap Policy with Point on Sales (POS) Super agents in Ilishan area of Ogun State, on Thursday. Photo: OLAYINKA OLUKOYA