CBN is committed to protecting unbanked and underserved rural areas

In continuation of its vigorous pursuit of the overhaul of the naira, the Central Bank of Nigeria (CBN) expressed its satisfaction with the positive response of the banking public to the policy thanks to the increase in foreign currency deposits in banks and other financial institutions.

The CBN reiterated its commitment to the transparent implementation of the initiative to ensure the achievement of its objectives of preserving the integrity of the local legal currency by reducing the significant amount of cash outside the banking system and its use. in criminal activities, reducing counterfeiting, and promoting financial inclusion, among others.

While noting the gradual increase in financial access points and alternative banking services
channels over the years (electronic/internet banking, mobile apps, ATMs, cards/PoS, eNaira, banking agents, etc.), the bank recognizes that these may not be evenly distributed across all areas geopolitics and in some rural areas.

CBN’s Director of Corporate Communications, Osita Nwanisobi, said in a statement on Sunday that “In operationalizing this initiative, the CBN has collaborated with relevant agencies and other financial system stakeholders in its execution, ensuring in particular that vulnerable citizens are not dispossessed.

“As a result, the banking public in rural and/or underserved areas can access CBN branches in the 36 States of the Federation to inquire about deposit options for their current N200, N500 and N1,000 notes, the processes of wallet/account opening, financial access points, etc…

“In addition, agent locations across the country have been fully enabled for BVN
registration, opening of bank accounts/wallets and e-Naira wallets, distribution of electronic cards and cash deposit, among others. Due to the policy, agents have also been given priority to allow them to deposit collections at bank branches across the federation.

“The bank will continue to monitor developments and issue updates to the banking public on the implementation of the Naira Recast Policy as necessary.”

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