Saturday, April 13, 2024
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Amid Naira crisis, CBN ends cash swap programme


The Central Bank of Nigeria, CBN, has ended its cash swap programme for rural and unbanked Nigerians amid the current currency scarcity.

The CBN Acting Spokesperson, Isa Abdulmumin, recently disclosed to journalists that the programme had achieved its mandate.

He said, “The programme has stopped. The cash swap was not in perpetuity and had a lifeline.”

However, a financial expert and Professor of Management & Account at Lead City University, Ibadan, Godwin Oyedokun, described the programme as ineffective and unable to achieve its objective.

Oyedokun explained that with the continued currency scarcity, it is evident that the cash swap programme was unsuccessful.

He added that the Naira redesign policy is needless and has continued to cause pain and hardship to Nigerians.

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