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The Central Bank of Nigeria (CBN) has confirmed the increase in bank deposits and given its word that it will safeguard Nigerians living in underbanked and rural areas. 

The CBN’s Director of Corporate Communications, Mr. Ostia Nwanisobi, said in a statement that the apex bank was pleased with the rise in currency deposits in the nation after the announcement of the currency redesign.

“The CBN is pleased to note the positive response of the banking public to the policy through increased currency deposits across banks and other financial institutions.

CBN remains committed to the seamless implementation of the initiative to ensure the achievement of its objectives to preserve the integrity of the local legal tender by reducing the significant amount of cash outside the banking system and its use in criminal activities, curtail counterfeiting, and promote financial inclusion, amongst others

The CBN spokesman stated that the banking public in rural regions could go to any of the 36 CBN branches in the federation to learn about their options for depositing their existing N200, N500, and N1,000 notes, among other notes. 

He added that agent locations were completely functional for BVN registration, opening banking accounts/wallets, creating e-Naira wallets, issuing electronic cards, and receiving cash deposits, among other things. 

The statement said that the agents have also been given precedence so they can deposit cash proceeds at bank branches all around the federation.



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