The Central Bank of Nigeria (CBN) said old naira notes of ₦200, ₦500, ₦1000 notes are no longer legal tender in the country. The CBN declared that the old ₦200, ₦500, ₦1000 notes ceased being legal tender in Nigeria on Friday, February 10, 2023. Nevertheless you can still change your old naira notes for the new ones once you follow the steps outline here below.Nigerians can no longer deposit old naira notes at commercial banks across the country Supermarkets, other big stores, and filling stations have also rejected the old naira notes In response to calls on a way forward, the Central Bank of Nigeria has provided detailed guidelines on how Nigerians can return their old naira notes
The Central Bank of Nigeria has told Nigerians who still have the old N1000, N500, and N200 notes to visit any branches across the country to deposit them. On Monday, February 13, 2023, Haladu Idris Andaza, CBN’s Branch Controller in Bauchi, informed the press that, despite a pending Supreme Court ruling, the old naira notes were no longer legal tender from February 10, 2023. while speaking to journalists made the disclosure about the steps to follow if one wants to deposit his or her old naira notes.
“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,” Andaza said.
“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. 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 this month.
“Consequently, the management of the CBN decided that those customers will have a sigh of relief by coming to the offices of the CBN in all the 36 states in the Federation including FCT to deposit their money.
“The customer has to go to the CBN portal and fill a form in the portal, there will be a form there concerning this currency redesign and exchange. 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.”
“By the time you have done it correctly, you come to the CBN where the code will be accepted from you as well as the money, process and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now.”
Guidelines to Deposit Old N1000, N500 and N200 Naira Notes at the CBN
Please be reminded that this process may take up to 4 weeks.
- If the validation of the account turns out negative, the Bank will return the deposited notes
- 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 CON.
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 9 am to 2 pm daily.
Requirements to Deposit your Old N1000, N500 And N200 Naira Notes at the CBN
1. Reference code generated from completed online application form filled on CBN Portal.
2. An active Deposit money Bank account e.g. Access, Zenith, GT, Keystone Banks.
3. A bank Verification Number (BVN)
4. A valid Federal Government issued identity card (NIN, Driver’s License, Voter \ Card, International Passport).
You will have to come with all this stated above and with the said amount of old naira notes and your funds will be deposited in any of your bank account you provided.