CBN opens Portal for Old Naira Notes deposits

The Central Bank of Nigeria has opened a portal for the collection of old naira notes from people who still have the notes with them.

The banking regulator opened the portal on its website, days after banks started rejecting the old denominations.

On the portal, crs.cbn.gov.ng, depositors are required to fill in their Bank Verification Number, phone number, email address, bank details, address, the amount to be deposited as well as the denominations to be deposited, after which a reference number would be generated.

With the reference number, the depositor could track the status of the deposit through the portal.

The depositor was also expected to visit a CBN branch with a printout of the filled form.

This occurred despite the adjournment of the case on the legality of the February 10, 2023 deadline for old notes by the Supreme Court. The Supreme Court, which adjourned the case till February 22, 2023, had also said the old naira notes remained legal tender until its next hearing of the case on February 22.

A guideline on the deposit of the old N1,000, N500 and N200 banknotes showed that the process commenced on Wednesday and would run till Friday, February 17.

To deposit old notes at a CBN branch, customers would be required to have a completed online application form, copy of valid means of identification and a completed teller.

Once the account is verified, the equivalent of the cash would then be deposited in the customer’s bank account.

“The CBN branches do not open accounts for individuals. As such, individuals who wish to deposit their old, redesigned notes must have an active account with a Deposit Money Bank.

“Individuals who wish to deposit their old, redesigned notes are required to be orderly and comply with the instructions of the security personnel and other staff when in the Bank’s premises.  If validation turns out negative, the Bank will return the unvalidated old, redesigned notes in the form deposited,” the guideline read.