CBN Provides Steps, Window For Deposit Of Old Notes In New Guidelines 

Amid confusion over the commercial banks’ refusal to take the old naira notes from Nigerians, the Central Bank of Nigeria (CBN) has provided steps and a 3-day window for the deposit of the old version of the redesigned N200, N500 and N1000 notes.

This is even as Banks continue to justify their refusal to accept the old notes since February 10 deadline given by CBN.

However, the development negates the Supreme Court’s ruling that the old notes should be accepted till February 15 when a suit filed by three All Progressives Congress governors would be heard.

But Emefiele has decided to go ahead with the belief that

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. There is, therefore, no need to consider any shift from the deadline of February 10.”

He said while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja.

However, the steps to follow, according to CBN include:

Visits to the CBN website and filling  an online form to generate a code or going along with the money to the nearest CBN branches in the statesto obtain the form and fill;
Going along with any means of federal government recognised identification card such as the national identity card, voter card or driving license, and consequently, a teller would be issued at the branches and the old notes will be collected and deposited into owners’ accounts. The operation starts from 9am to 2pm, from February 15 to 17.

In fact, CBN Branch Controller in Bauchi, Haladu Idris Andaza, alluded to these steps while briefing journalists on Tuesday morning that the old notes were no longer legal tender.

According to CBN, the exercise will be open only between February 15 and 17.

However, it emphasised that the deposit is not a cash swap program and that new notes will not be issued in exchange for old notes.

 Instead the old notes will be accepted by the bank and an account which will be provided by the depositor shall be credited.

“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.

The bank went further to day that “This process may take up to 4 weeks,” 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.
ALSO READ:February 10 Deadline For New Notes Stands, Emefiele, Says No Need for Extension
“The Cash Deposit Window is open to the public from February 15 – 17, 2023, between 9am to 2 pm daily,” the guideline further read.

The bank listed a reference code generated from a form on the CBN portal, an active bank account, Bank Verification Number (BVN), and a valid government identity card as requirements to participate in the process.