Naira Redesign: CBN Points Guideline on Return of Outdated Naira Notes 

By Lawan Bukar Maigana

The Central Financial institution of Nigeria, CBN, has issued tips on how Nigerians who’re nonetheless caught with the previous N200, N500 and N1000 notes can return them to the closest department of the apex financial institution.

The CBN had insisted that the previous notes would stop to be authorized tender by February 10 in defiance of a Supreme Courtroom ex-parte order which referred to as on the federal authorities to remain motion on the matter until the dedication of the go well with introduced earlier than it by three state governments.

Whereas the Supreme Courtroom ruling nonetheless subsists, ECONOMIC CONFIDENTIAL can report that plenty of retailers, gasoline stations, cab drivers, market girls and many others have for days stopped accepting the previous notes from clients and purchasers within the midst of what’s deemed to be CBN’s dedication to disregard the Supreme Courtroom order.

The apex financial institution on Tuesday due to this fact gave a lifeline for the return of the notes between Wednesday, February 15 and Friday February 17, 2023 from 9am to 2pm each day.

Additionally Learn: Just In: New naira: CBN Says February 10 Deadline Stands

In accordance with the round, despatched to banks however which a reliable supply made accessible to ECONOMIC CONFIDENTIAL, the window is just not for money swap however for money deposit within the sense that new notes won’t be handed over to the depositors however that their accounts in business banks shall be credited inside a interval of 4 weeks.

In accordance with the round, the depositors are to fill a kind on-line and go to the closest department of the CBN with the money, legitimate technique of identification and different mandatory papers.

The round titled: “Tips to Deposit N200, N500, and N1000 Notes on the CBN,” learn in full:

“Please be aware that it is a Money Deposit Program not a Money Swap Program. You’ll not be issued new notes in trade for previous notes, As an alternative, your checking account shall be credited after your account is validated by legislation

enforcement. This course of could take as much as 4 weeks.

“If the validation of the account seems unfavourable, the Financial institution will return the deposited notes.

“Third get together deposits aren’t allowed. The account data offered should be that of the depositor.

“Members of the general public are required to finish a web-based software kind and generate a reference quantity earlier than coming to the CBN. The place a buyer didn’t pre-fill their kind, he/she shall be given the chance to fill out the shape on the Department.

“The Money Deposit Window is open to the general public from February 15-17, 2023 between 9am to 2 pm each day.

REQUIREMENTS

1 Reference code generated from the finished on-line software kind fill on CBN Portal

2. An lively Deposit Cash Checking account e,g Entry, Zenith, GT, Keystone Banks.

3. Financial institution Verification Quantity (BVN)

4. A legitimate Federal Authorities issued identification card (NIN, Driver’s License, Voters Card, Worldwide Passport).”