Currency Redesign: CBN Commits To Protecting Nigerians in Unbanked,  Underserved, and Rural Areas 

Central Bank of Nigeria

FURTHER to its Press Release of October 26, 2022, on the above subject, the Central Bank of  Nigeria (CBN) is pleased to note the positive response of the banking public to the policy  through increased currency deposits across banks and other financial institutions.  

The CBN 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.  

Whilst noting the progressive increase in financial access points and alternative banking  channels over the years (electronic/internet banking, mobile apps, ATM, Cards/PoS, eNaira,  agent banking, etc.), the Bank acknowledges that these 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, particularly ensuring that vulnerable citizens are not disenfranchised.  

Accordingly, the banking public in rural and/or underserved areas may access CBN branches  in the 36 States of the Federation to enquire about options for depositing their current N200,  N500, and N1,000 notes, wallet/account opening processes, financial access points, etc.  

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

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.