CBN Opens Portal For Deposit Of Old Naira Notes

The Central Bank of Nigeira (CBN) has opened a portal for individuals who have old Naira notes to deposit them by filling up forms despite the adjournment of the case on the legality of the February 10, 2023 deadline for the Naira Swap to February 22 by the Supreme Court.

The Supreme Court, which adjourned the case till February 22, 2023, had also said the old Naira notes remain legal tender until it sits next week Wednesday.

Meanwhile, the portal for depositing of old Naira notes has opened up on the official website of the Central Bank.

On the portal, which is on cbn.gov.ng, depositors are required to fill in their Bank Verification Number (BVN), phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number is generated.

A guideline on the deposi of the old N200, N500 and N1,000 banknotes commenced on Wednesday afternoon and is expected to run till Friday, February 17.

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To deposit their old notes at the CBN branches, customers would be required to have a completed online application form, copy of valid means of identification and a completed teller. Once the account is verified, the equivalent of the cash would then be deposited in the customer’s bank account.

“The CBN Branches do not open accounts for individuals. As such, Individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank (Commercial Bank).

“Individuals who wish to deposit their old, redesigned notes are required to be orderly and comply with the instructions of the security personne! and other staff when in the Bank’s premises.  if validation turns out negative, the Bank will return the unvalidated old, redesigned notes in the form deposited,” the guideline reads.