Central Bank of Nigeria (CBN) has released guidelines on how to deposit the old naira notes.
Gatekeepers News earlier reported that CBN Governor, Godwin Emefiele, on Tuesday, insisted on the February 10 deadline for the validity of the old N1,000, N500, and N200 notes, stressing that there was no extension.
This is despite Supreme Court’s order which restrained the FG, CBN, commercial banks, etc from implementing the February 10, deadline.
The apex bank has, however, disclosed the steps to take if commercial banks refuse to accept the old naira notes.
Meanwhile, the CBN Branch Controller in Bauchi, Haladu Idris Andaza has informed journalists that the old notes were no longer legal tender.
Idris Andaza said, “So for the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit..
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”
Below are guidelines to deposit the old naira notes at the CBN:
- Please note that this is a Cash Deposit Program not a Cash Swap Program. You will not be issued new notes in exchange for old notes, instead your bank account will be credited after your account is validated by law enforcement. This process may take up to 4 weeks.
- If the validation of account turns out negative, the Bank will return the deposited notes.
- Third party deposits are not allowed. The account information provided must be that of the depositor.
- Members of the public are required to complete an online application form and generate a reference number before coming to the CBN. Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.
- The Cash Deposit Window is open to the public from February 15-17, 2023 between 9am to 2pm daily.
REQUIREMENTS
1. Reference code generated from completed online application form fill on CBN Portal
2. An active Deposit Money Bank account e.g. Access, Zenith, GT, Keystone Banks
3. Bank Verification Number (BVN)
4. A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, International Passport)
