Just In; CBN Releases Guidelines For The Deposit Of Old Naira Notes To CBN.

The Central Bank Of Nigeria CBN has issued a fresh guidelines for the deposit of old naira notes in CBN as the old naira notes ceases to be a legal tender in the country.

The Nigerian Apex bank released this guidelines on Tuesday 14th February 2023 after it’s insistence on the February 10 deadline date despite the Supreme Court ruling ordering them to maintain a status quo till February 15th.

According to a secular that has been in circulation on social media, the CBN directed that anybody still in position of the old naira notes should deposit it in the CBN in their various states.

They are clarified that the final deadline of the deposit of old naira notes in CBN branches will be on 17th February as no further extension of the exercise will be granted.

Read More:Naira Scarcity: We Don’t Have Enough Paper To Print New Notes -CBN

GUIDELINES 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 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.

The Cash Deposit Window is open to the public from February 15-17, 2023 between 9am to 2pm daily.

REQUIREMENTS.

• Reference code generated from completed online application form fill on CBN Portal.

• An active Deposit Money Bank account eg. Access, Zenith, GT, Keystone Banks.

• Bank Verification Number (BVN),

• A valid Federal Government issued identity card (NIN, Driver’s License, Voters Card, International Passport).

The CBN further warned the general public to strictly adhere to this directives and guidelines as the CBN will not be hold responsible for any lost of money as a result of not depositing it to the bank.