Here I will provide Guidelines/Portal for deposit of old Notes at CBN branches across the Country as provided by Central Bank of Nigeria. Read carefully under.
The CBN already declared the old N200, N500 and N1000 are no longer recognized as legal tender, despite a Supreme Court ruling.
The CBN Act Section 2 (b) mandates the Central Bank of Nigeria to be the sole issuer of legal tender currency in Nigeria. The CBN regulates the volume of money supply in the economy in order to ensure monetary and price stability. The Currency Operations Department is responsible for currency management through the planning, procurement, distribution, processing, reissue and disposal of banknotes and coins. The currency structure comprises of three coin denominations (50k, ₦1, and ₦2), eight banknote denominations (₦5, ₦10, ₦20, ₦50, ₦100, ₦200, ₦500 and ₦1000) and Central Bank Digital Currency (eNaira).
Requirements for deposit of old Notes CBN branches across the Country
The accepted requirements are the reference code generated from the CBN portal, an active bank account, Bank Verification Number, BVN, and a valid government identity card.
CBN Guidelines/Portal for deposit of old Notes
The CBN Branch Controller in Bauchi, Haladu Idris Andaza, alluded to these steps while briefing journalists on Tuesday morning that the old notes were no longer legal tender.
- Visit the CBN website and fill an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill. CBN Link Portal
- Go along with any means of federal government recognised identification card such the national identity card, voter card or driving licence.
- A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9am to 2pm, from February 15 to 17.
- The advice added that the Cash Deposit Window is open to the public from today until Friday between 9am to 2pm daily.