How to Easily Deposit Your Old Naira Notes (See CBN Guidelines)
0
0
How to Easily Deposit Your Old Naira Notes (See CBN Guidelines)
By Alabidun Shuaib AbdulRahman
The Central Bank of Nigeria (CBN) has issued guidelines for depositing old versions of the redesigned naira notes at its branches across the country.
The apex bank announced on Tuesday that the exercise will take place between February 15 and 17.
In its announcement, the CBN emphasized that the exercise is not a cash swap program and that new notes will not be issued in exchange for old notes. Instead, the bank will accept the old notes and credit the depositor’s account, which must be provided at the time of deposit.
This move is part of the CBN’s efforts to ensure the circulation of clean and new banknotes in the country.
READ ALSO: Saboteurs Behind Naira, Fuel Crises – Femi Gbajabiamila
The public is advised to take advantage of the opportunity to deposit old naira notes during the designated period.
“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,” the guideline read, adding that “If the validation of account turns out negative, the Bank will return the deposited notes.”
The CBN also disclosed that third party deposits will not be allowed during the exercise as account information must be provided by their real owners.
“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,” the guideline further read.
The bank listed a reference code generated from a form on CBN portal, an active bank account, Bank Verification Number (BVN) and a valid government identity card as requirements to particiapate in the process.
