CBN Says Old Naira Notes Not Legal Lender, Can Only be Deposited in Its Offices 

The old N200, N500 and N1000 naira notes are no longer legal currencies in Nigeria since February 10, 2023, the Central Bank of Nigeria (CBN) has affirmed.

The apex bank noted that persons with the old currencies cannot deposit them at commercial banks but only at CBN offices in all the 36 states including FCT.

Investors King reports that the disclosure was made in Bauchi by the CBN Branch Controller, Haladu Idris Andaza while addressing journalists on Monday.

Andaza stated that the customers with the old naira notes should log in to the CBN portal and fill a form on currency redesign and exchange after which a code will be generated to be taken to the CBN branches alongside the old currency for an exchange.

His words, “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 ceased 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 of the money before we now hit your account and credit it through your Commercial bank.”

He cautioned against printing old fake notes as they will be thoroughly checked and the culprits will be arrested.

On commercial banks deposit, Andaza said the banks are to bring all their old notes which will be the final deposit and they won’t receive such from customers again, the reason why the CBN portal is open for the general public to access since the deposit deadline has expired.

He stressed that the apex bank is mindful of the current hardship in the country and does not want people to lose their money, hence the CBN portal to take in the remaining old currencies.

Calling for prompt dissemination of the information, CBN Team Lead, Bauchi, Dr Abdulkadir Jibril said the time given by the government and law is limited.

He urged Nigerians to assist others in getting their old currencies into their bank accounts so that no one will lose any money saying, this period is an additional time.