Naira Redesign: CBN Issues Guideline on Return of Old Naira Notes
By Lawan Bukar Maigana
The Central Bank of Nigeria, CBN, has issued guidelines on how Nigerians who are still stuck with the old N200, N500 and N1000 notes can return them to the nearest branch of the apex bank.
The CBN had insisted that the old notes would cease to be legal tender by February 10 in defiance of a Supreme Court ex-parte order which called on the federal government to stay action on the matter till the determination of the suit brought before it by three state governments.
While the Supreme Court ruling still subsists, ECONOMIC CONFIDENTIAL can report that a lot of retailers, fuel stations, cab drivers, market women etc have for days stopped accepting the old notes from customers and clients in the midst of what is deemed to be CBN’s determination to ignore the Supreme Court order.
The apex bank on Tuesday therefore gave a lifeline for the return of the notes between Wednesday, February 15 and Friday February 17, 2023 from 9am to 2pm daily.
Also Read: Just In: New naira: CBN Says February 10 Deadline Stands
According to the circular, sent to banks but which a competent source made available to ECONOMIC CONFIDENTIAL, the window is not for cash swap but for cash deposit in the sense that new notes will not be handed over to the depositors but that their accounts in commercial banks will be credited within a period of four weeks.
According to the circular, the depositors are to fill a form online and go to the nearest branch of the CBN with the cash, valid means of identification and other necessary papers.
The circular titled: “Guidelines to Deposit N200, N500, and N1000 Notes at the CBN,” read in full:
“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 the 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 out the form at the Branch.
“The Cash Deposit Window is open to the public from February 15-17, 2023 between 9am to 2 pm daily.
REQUIREMENTS
1 Reference code generated from the 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).”
