Finally CBN Gives Directives On How To Deposit Old Notes

 

The Central Bank of Nigeria (CBN) has declared that the old Naira Notes of N200, N500 and N1000 have ceased to be legal tender in Nigeria since February 10, 2023.

It was discovered that this declaration was made by the Branch Controller of the Central Bank of Nigeria (CBN), in Bauchi, Haladu Idris Andaza while briefing Journalists on Monday at the CBN, branch in Bauchi.

He said that “In the last 24 hours, we have been inundated by questions from various angles of the general public about our operational guidelines on the old currency notes. Be that as it may, there are so many questions here and there which people have been asking about.  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.

For More Updates: Click “HERE” to join our WhatsApp group and receive News updates directly on your mobile Phone.

He also said that “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 February.  He further directed that customers has to go to the CBN portal to fill a form in the portal, there will be a form there concerning this currency redesign and exchange.

READ ALSFor More Updates: Click “HERE” to join our WhatsApp group and receive News updates directly on your mobile Phone.

O:

The branch controller of the CBN branch in Bauchi  further explained that “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. He also warned that “If anyone wants to try us by bringing in fake notes, he should be ready to be arrested, so don’t go and print old fake naira notes and bring them to the CBN, whatever happens to you, don’t blame us, you caused it. He however assured that “We will receive the money from you and do our internal checks before we give you an acknowledgement which we will  now hit your account and credit it through your Commercial banks.

For More Updates: Click “HERE” to join our WhatsApp group and receive News updates directly on your mobile Phone.

 “The portal will be there, opened for some time, depending on the circumstances and the directives from the management, we expect that within this period, people should have been able to deposit all they have, it is a privilege given to Nigerians to ensure that they deposited that money even though they are no longer legal tender.

“For the people in the remote areas, if you can recollect, we have gone round virtually all the villages in Bauchi state with some commercial banks asking the people to open accounts which many of them did and were able to deposit their money, I doubt if there are still people who have not keyed into the system now who are still having old money.

“We used the media, NOA and Traditional rulers just to let the people know, no limit to the amount that can be deposited provided the form was properly filled.

He concluded by saying that he was appealing to our people both men and women to carry or propagate this message everywhere so that people can do the needful.”