Central Bank of Nigeria (CBN) has created a portal for the collection of the old naira notes.
Amid confusion over the commercial banks’ refusal to take the old naira notes from Nigerians, there are some steps to follow to ensure the banks collect the notes.
Despite the Supreme Court ruling that the old notes should be accepted till February 22nd when a suit filed by state governments would be heard, President Muhammadu Buhari in a nationwide address on Thursday insisted that all existing old N1000 and N500 notes should be redeemabled at the Central Bank of Nigeria (CBN) and designated points
DAILY GIST observed that the CBN published a notification titled ‘redemption of currency’ on its website on Wednesday.
The notification provides a link to the portal to enable Nigerians redeem (deposit) their old N1,000, N500, and N200 notes by completing an online form.
“Please click here to create your profile, generate reference and print out receipt for you to proceed to nearest CBN branch to deposit your old N1000, N500 and N200 notes into your bank account,” it reads.
To generate a reference number, according to CBN, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.
Part of these conditions (which Nigerians must accept) is that “depositors can only access this window once”.
The apex bank also said “beneficiary accounts would only receive value after successful processing of cash deposited and verification of documentations submitted”.
“A depositor shall not be entitled to recover from the bank the value of any mutilated or imperfect notes. The circumstances under which such notes may be refunded ex-gratia shall be within the absolute discretion of the bank,” it added.
“Depositors can check the status of transaction on the portal here.
“Transactions would be concluded within a minimum of three working days.
“All deposits will be treated in accordance with the relevant laws.”
DAIL GIST has outlined the steps involve in this process as stated by the CBN.
BELOW ARE THE STEPS
1. Visit the CBN website and fill an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.
2. Go along with any means of federal government recognised identification card such the national identity card, voter card or driving licence.
3. A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9am to 2pm, from February 15 to 17.
GUIDEUNES TO DEPOSIT OLD NGN1000. NGN500 AND NGN200 NOTES AT THE CBN
• 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 rnay 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 nurnber before coming to the UN. Where a custorner did not pre.fill their form, he/she will be given the opportunity to fall the forrn at the Branch.
• The Cash Deposit Window is open to the public from February 15— 17, 2023 between 9arn to 2pm daily.
1. Reference code generated from completed online application form fill on CBN Portal
2. An active Deposit Money Bank account e.g Access, Zenith, GT, Keystone Banks
3. Bank Verification Number (BVN).
4. A valid Federal Government Issued identity card (NIN, Driver’s License, Voters Card, International Passport).
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