CBN launches portal to ease old naira notes collection

Bisola David
Bisola David
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The Central Bank of Nigeria has established a portal for the collecting of old naira notes.

TheCable reported that the CBN on Wednesday posted a notice headed “redemption of currency” on its website.

The notification includes a link to the webpage where Nigerians can deposit or redeem their old N1,000, N500, and N200 notes by filling out an online form.

“The old N1000, N500, and N200 notes should be deposited into your bank account at the nearest CBN branch, so please here to build your profile, generate references, and print off your receipt.

CBN noted that customers are required to enter their bank verification number, email address, phone number, bank account information, depositor information (including house address), and the total amount of the denomination to be redeemed in order to obtain a reference number.

A notification detailing the “conditions for redemption of currency” appears when you attempt to create a profile and produce a reference number by following the process.

One of these requirements is that depositors can only access this window once (which Nigerians must accept).

The beneficiary accounts “would only get value following successfully processing of funds deposited and verification of documentations supplied,” the apex bank added.

“The value of any damaged or faulty notes cannot be recovered by a depositor from the bank. The bank would have complete discretion over the circumstances in which such notes may be refunded ex-gratia.

“The status of a transaction on the site can be checked by depositors here.

“Transactions would be completed in no more than three business days.

The apex bank also stated that the applicable laws shall be followed in treating all deposits.

The old naira notes were supposed to stop being a legal tender on February 10; however, the supreme court last week, prohibited the federal government and, consequently, the CBN from doing so while the case was scheduled to be heard on Wednesday (today).

The attorney general of the federation, Abubakar Malami, responded to the decision by declaring that the federal government would abide by the order in accordance with the law. This meant that Nigerians could continue to conduct business using the old notes.

After adjourning the case’s proceedings earlier today, the supreme court reiterated its position on the issue, stating that the notes continue to be considered lawful money.

The start of the CBN’s currency redemption program, however, indicates that the old naira notes no longer qualify as legal cash because the time has passed.

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