Banking Sector
CBN Opens Portal for Nigerians to Deposit Old Naira Notes
The CBN has urged Nigerians to take advantage of this opportunity to deposit their old notes and obtain new ones.
The Central Bank of Nigeria (CBN) has opened a portal for Nigerians to deposit their old Naira notes by filling up forms on its official website.
This move comes after the Supreme Court adjourned the case on the legality of the February 10, 2023 deadline for the Naira Swap to February 22. The court has ordered that the old Naira notes remain legal tender until it sits next week Wednesday.
Nigerians who have old N200, N500, and N1,000 banknotes can now deposit them at the CBN branches by completing an online application form, providing a copy of their 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.
However, individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank (Commercial Bank). The CBN Branches do not open accounts for individuals. The bank has urged Nigerians to be orderly and comply with the instructions of the security personnel 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 on the deposit of the old Naira notes commenced on Wednesday afternoon and is expected to run till Friday, February 17. The CBN has provided a portal on cbn.gov.ng where depositors can 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.
The opening of the portal is a welcome development as it provides a convenient and efficient way for Nigerians to deposit their old Naira notes.
The CBN has urged Nigerians to take advantage of this opportunity to deposit their old notes and obtain new ones. It is important to note that the old Naira notes remain legal tender until the Supreme Court makes a final decision on the Naira Swap.