The Central Bank of Nigeria (CBN) has licensed 400 money agents to facilitate access to the newly redesigned notes in rural areas. This initiative aims to help residents in Kogi meet the January 31 deadline for the final withdrawal of old notes from circulation. During a recent visit to the palace of Elulu of Mopa, Oba Julius Joledo, the Director of Strategy at CBN, Oluranti Buari, announced that individuals could visit any of the licensed agencies to exchange their old notes for the new ones. Each person is allowed to swap up to 10,000 naira at a time.
Buari also mentioned that people could deposit their old notes into their bank accounts. For those without bank accounts, the agents would encourage them to open one on-site. This initiative is part of a broader effort to promote a cashless policy, as individuals are encouraged to engage with the e-payment systems offered by the apex bank.
In response to these developments, former Governor of Kogi State, Chief Clarence Olafemi, addressed the CBN on behalf of the Elulu. He urged the bank to consider extending the January 31 deadline, particularly for rural dwellers, warning that failure to do so could lead to economic collapse in the region. Olafemi expressed concern, stating, “Our economy in this part of the state has already collapsed; people are no longer opening their shops, and those who do are exploiting the masses.” He emphasized the need for the CBN to take the impact on rural residents into account when setting deadlines, asserting that the redesigned policy should not punish the people.
Furthermore, Olafemi, who previously served as Speaker of the State House of Assembly, highlighted the importance of considering the consequences of legislation before implementation. He also called for improvements in communication access to rural areas, noting that this was another reason for extending the deadline for note swapping.
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