JUST IN: CBN releases guidelines to deposit old notes at branches, exercise to close February 17

The Central Bank of Nigeria (CBN) has released guidelines to deposit old versions of the redesigned naira notes at its branches nationwide.

The CBN announced on Tuesday, February 14, 2023, amongst other things that the exercise will be open only between February 15 and 17.

The bank emphasised that the deposit is not a cash swap program and that new notes will not be issued in exchange for old notes. Instead the old notes will be accepted by the bank and an account which will be provided by the depositor shall be credited. 

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“Please note that this is a Cash Deposit Program not a Cash Swap Program. You will not be issued new notes in exchange for old notes, instead your bank account will be credited after your account is validated by law enforcement.

“This process may take up to 4 weeks,” the guideline read, adding that “If the validation of account turns out negative, the Bank will return the deposited notes.”

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The CBN also disclosed that third party deposits will not be allowed during the exercise as account information must be provided by their real owners. 

“Third party deposits are not allowed. The account information provided must be that of the depositor.

“Members of the public are required to complete an online application form and generate a reference number before coming to the CBN.

“Where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the Branch.

“The Cash Deposit Window is open to the public from February 15 – 17, 2023, between 9am to 2 pm daily,” the guideline further read. 

The bank listed a reference code generated from a form on the CBN portal, an active bank account, Bank Verification Number (BVN), and a valid government identity card as requirements to participate in the process. 

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