CBN opens portal for deposit of old naira notes

CBN opens portal for deposit of old naira notes

Promise Eze

The Central Bank of Nigeria (CBN) has created a portal for the collection of the old naira notes as it looks to begin its currency redemption exercise.

This development comes after the adjournment of the case on the legality of the February 10, 2023 deadline for the Naira Swap to February 22 by the Supreme Court.

The bank published a notification titled ‘redemption of currency’ during a Wednesday check on the apex bank’s website.

According to the CBN, Nigerians can redeem their old N1,000, N500, and N200 notes by completing an online form.

The notification also provided a link to the portal to enable the masses deposit old notes in their possession.

“Please click here to create your profile, generate reference and print out a receipt for you to proceed to the nearest CBN branch to deposit your old N1000, N500 and N200 notes into your bank account,” it reads.

In order to generate a reference number, the apex bank asked customers to provide their Bank Verification Number (BVN), email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.

Recall that the Supreme Court had earlier on Wednesday said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1,000 notes still stands.


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