CBN bars PoS operators in Abuja, Lagos from naira swap

The Central Bank of Nigeria has barred Point of Sales (POS) agents in Abuja and Lagos from swapping the new naira notes.

In a document released to selected agent, the CBN provided some directives for the cash swap programme.

According to the document, only five banks have been approved to engage in the programme.

They are: Access Bank Plc, Zenith Bank Plc, United Bank for Africa Plc, First Bank of Nigeria Limited, and First City Monument Bank.

It read in part, “Not all agents can participate. This is open to only selected agents profiled by the super agent/MMO/bank and submitted to the Central Bank of Nigeria and participating banks (Access, Zenith, UBA, First, FCMB).”

On the number of states selected for the programme, it read, “Selected agents in all the 36 states (except Lagos state and FCT, Abuja). Lagos and Abuja agents are excluded from this.”

“You must go to the bank you have informed the operator (super agent/MMO/bank) of. That is where your agent details will be submitted for verification when you get there to collect the new notes.

“Before the new notes can be issued, each agent’s name, BVN number, and operator’s name must be provided.

“The bank would also verify the agent’s picture and fingerprint.”