Citizens have been informed by the revered Central Bank of Nigeria (CBN) that no financial institution shall facilitate the exchange of old banknotes for new ones.
Despite the Supreme Court’s ruling, the CBN has explicitly indicated that the former N200, N500, and N1000 denominations no longer qualify as legal tender.
The apex bank has outlined the procedures for depositing retired notes at its various locations nationwide between the 15th and 17th of February by issuing clear guidelines.
According to the CBN’s recommendations, the process for depositing outdated banknotes could take up to four weeks at most. The rules also state that deposited notes will be held back if an account’s validation process returns unfavorable findings. Furthermore, the depositor’s account information must be provided, and third-party deposits are not accepted.
Account owners must first fill out an online application form and generate a reference number to speed up the procedure before visiting the CBN. Customers can fill out their application forms at the bank, though, if they forget to do so.
The reference number generated from the CBN portal, an active bank account, a Bank Verification Number (BVN), and a legitimate government-issued identification card are prerequisites for depositing the old notes.
The Cash Deposit Window will be accessible to the general public from now through Friday, February 17, 2023, between the hours of 9 am and 2 pm.
