The esteemed Central Bank of Nigeria (CBN) has conveyed to citizens that the substitution of old banknotes for the new ones shall not be facilitated by any financial establishment.
Although the Supreme Court has spoken, the CBN has unequivocally stated that the previous denominations of N200, N500, and N1000 have lost their status as lawful currency.
Issuing precise guidelines, the apex bank has delineated the procedures for depositing retired notes at its numerous branches nationwide between the 15th and 17th of February.
Summary of CBN’s guidelines for depositing old notes: The guidelines issued by the CBN indicate that the procedure for depositing old banknotes may take up to a maximum of four weeks. Additionally, the guidelines stipulate that deposited notes will be withheld if an account’s validation process produces negative results. Moreover, deposits by a third party are not permitted, and the depositor’s account information must be provided.
To facilitate the process, account owners are expected to complete an online application form and generate a reference number before proceeding to the CBN. However, in situations where customers fail to pre-fill their application form, they may fill the form at the branch.
The requirements for depositing the old notes include the reference code generated from the CBN portal, an active bank account, Bank Verification Number (BVN), and a valid government-issued identity card.
Here are the steps to follow:
1. Visit the CBN website and fill an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.
2. Go along with any means of federal government recognized identification card such the national identity card, voter card or driving license.
3. A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9am to 2pm, from February 15 to 17.
