“Buhari, Emefiele deserve commendation for introducing POS cash-swap initiatives” – ACJHR

A Civil Society Organisation (CSO), African Center for Justice and Human Rights, (ACJHR) has described the Central Bank of Nigeria, CBN Governor, Godwin Emefiele as a man who has shown his heart is with the upliftment of the poor, with the Point-of-Sales (POS) cash-swap initiative.

Recall the CBN launched the Cash-Swap Programme, January 23, 2023, as a means to reach out to the grassroots residents that have limited access to financial products, to enable them to bring in their old notes before the January 31 deadline date.

The CBN’s decision to launch the cash-swap programme comes amidst the commercial bank’s failure to make the new Naira notes available despite threats of sanctions.

The group, in an issued statement by its Strategic Communication Consultant, Comrade Abubakar Isa, said, with this latest initiative Emefiele can be deemed to be monetary policy ‘God’, who has shown that his heart is with the upliftment of the poor.

Comrade Isa said the cash-swap programme is a ‘master protective’ strategy for the vulnerable and economically disadvantaged.

According to him, Emefiele and President Muhammadu Buhari deserves praises for introducing this initiative for the unbankable population.

The statement read in part: “Emefiele’s recent policies are commendable, and will leave a positive imprint in the country’s economy in the long run. 

“There has been complains in some quarters on the reach and sensitisation of some people, particularly in the rural areas, regarding the old Naira swap deadline; but the CBN is always ahead with great ideas and solutions, and this POS cash-swap initiative is the answer.

“The CBN, when announcing the cash-swap programme noted that the initiative was aimed at enabling citizens in rural areas, or those with limited access to formal financial services, to exchange old naira notes for the redesigned notes. 

To promote financial inclusion, the CBN said the service was also available to anybody without a bank account.

“The CBN, in a ‘Frequently Asked Questions’ document, also stated that before an interested party can be approved as an agent, some information like the individual’s name, BVN number, and operator’s name are required before the new notes will be released. This initiative and others recently introduced by the bank would help put a stop to money laundering, vote buying, ransom taking, counterfeiting, and so on”, it stated.

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