Are you worried that your old N1000, N500, and N200 notes will become useless? You’re not alone. The Central Bank of Nigeria (CBN) has recently announced that commercial banks and other establishments will no longer accept old naira notes.
This has caused concern for those who still have the old notes in hand and are worried about what to do with them. The good news is that the CBN has provided detailed guidelines on how Nigerians can return their old naira notes.
Where to Deposit Old Naira Notes?
If you have old naira notes, the only place to deposit them is at any CBN branch across the country. The CBN has branches in all 36 states in Nigeria, so finding a branch near you shouldn’t be difficult.
How to Deposit Old Naira Notes in CBN?
To deposit your old naira notes in the CBN, follow these simple steps:
Step 1: Visit the CBN Portal Visit the CBN portal at www.cbn.gov.ng and fill out the Currency Redesign and Exchange form. The form requires basic information about yourself, your account information, and the amount you wish to deposit.
Step 2: Fill Out the Currency Redesign and Exchange Form Make sure to fill out the form accurately and honestly to avoid any delays in the exchange process. This is also the time to indicate if you prefer to have the new notes sent to your bank account or if you’d like to receive them in cash.
Step 3: Generate a Code After completing the form, you will generate a code that you can print or save on your mobile phone. The code is essential for the exchange process and must be presented at the CBN branch.
Step 4: Visit a CBN Branch Visit any CBN branch across the country and present the code and the old naira notes for the exchange process. The CBN will verify the authenticity of the notes before exchanging them for new ones.
Completing the Form
When filling out the Currency Redesign and Exchange form, make sure to provide accurate and up-to-date information. Verify the information before submitting the form to avoid any errors or delays. Also, keep a copy of the form and the generated code for your records.
Conclusion
The CBN’s move to no longer accept old naira notes may have caused concern for those who still have them in hand. However, the process for exchanging them for new ones is simple and straightforward.
Just follow the steps outlined above, and you’ll be on your way to exchanging your old notes for new ones. If you have any questions or concerns, don’t hesitate to contact the CBN for assistance.
