CBN Releases Steps To Follow In Depositing Old Naira Notes

CBN Releases Steps To Follow In Depositing Old Naira Notes

There are some steps to take if commercial banks refuse to accept old naira notes from Nigerians.

The banks justified their actions by citing the February 10 deadline set by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, who stated on Tuesday that there was no need for an extension.

This is despite the Supreme Court’s decision to accept the old notes until February 15, when a suit filed by three All Progressives Congress governors will be heard.

Read Also Emefiele Finally Reveals Position On February 10 Old Naira Note Deadline

However, the following steps must be taken:

1. 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.

2. Go along with any means of federal government recognised identification card such the national identity card, voter card or driving licence.

3. 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 9am to 2pm, from February 15 to 17.

Haladu Idris Andaza, the CBN Branch Controller in Bauchi, alluded to these steps while informing 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.”

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