The Central Bank of Nigeria has listed ways on how to deposit old naira notes for Nigerians.
The apex bank has released guidelines on how the old naira notes can be deposited following an expiration of the deadline given for the 200, 500, and 1000 naira notes to remain a legal tender.
At the expiration of the February 10 deadline given by the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, the bank said on Tuesday that there was no need for an extension.
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This was contrary to a Supreme Court ruling that the old notes should be accepted till February 15 when a suit filed by three All Progressives Congress governors would be heard.
Emefiele said while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja 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.”
Meanwhile, below are the steps to follow on how to deposit old naira notes.
How to Deposit Old Naira Notes
- 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.
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Go along with any means of federal government recognised identification cards such as the national identity card, voter card, or driving licence.
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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 9 am to 2 pm, from February 15 to 17.
The CBN Branch Controller in Bauchi, Haladu Idris Andaza, indicated these steps while briefing journalists on Tuesday morning that the old notes were no longer legal tender.
She said:
“So for the avoidance of doubt, we wish to state categorically that CBN is ready and is opened to receive all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. After filling the form, you generate a code, you either print it or come with it in your mobile phone, give us the code and the information contained therein. In the form, you are expected to provide all the basic information about yourself, your account details and the amount you want to deposit.
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”
