CBN Releases Guidelines To Deposit Old Naira Notes in Its Branches
The Central bank has released a detailed step that will help Nigerians deposit the old naira notes
The banks have stopped collecting the old naira notes and this has created a lot of confusion
CBN wants Nigerians with old naira notes to visit any of its branches across the country
The Central Bank of Nigeria (CBN) has released guidelines for Nigerians to return the high-value naira old notes of N200, N500, and N1000.
The programme which CBN called Cash Deposit Program will run between 9 am to 2 pm daily between February 15 and 17.
CBN emphasized that the deposit is not a cash swap program and that new notes will not be issued in exchange for old notes, Daily Trust reports.
The information reads: “Please note that this is a Cash Deposit Program not a Cash Swap Program.
You will not be issued new notes in exchange for old notes, instead your bank account will be credited after your account is validated by law enforcement.”
“This process may take up to 4 weeks. If the validation of account turns out negative, the Bank will return the deposited notes Third party deposits are not allowed.
The account information provided must be that of the depositor.
“Members of the public are required to complete an online application form and generate a reference number before coming to the CBN. Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.
Requirements to deposit old notes with the CBN
- Reference code generated from completed online application form filled on CBN Portal.
- An active Deposit Money Bank account e.g. Access, Zenith, GT, Keystone Banks.
- Bank Verification Number (BVN),
- A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, International Passport).