The Central Bank of Nigeria, CBN, has informed citizens that no cash swap for old notes will take place in any financial institution.
Despite a Supreme Court ruling, the CBN has already declared that the old N200, N500, and N1000 notes are no longer legal tender.
The apex bank issued guidelines on Tuesday for depositing old notes at any of its branches across the country between February 15 and 17.
The CBN explained that in exchange for the old notes, the depositor’s bank account will be credited after scrutiny.
“You will not be issued new notes; instead your bank account will be credited after your account is validated by law enforcement,” it said.
Noting that the process may take up to four weeks, the guideline said the deposited notes will be withheld if validation of the owner’s account turns out negative.
Also, deposits by a third party are not allowed; the account information provided must be that of the depositor.
Account owners are required to complete an online application form and generate a reference number before heading to the CBN.
In a case where a customer did not pre-fill their form, he/she will be given the opportunity to fill the form at the branch.
Requirements are the reference code generated from the CBN portal, an active bank account, Bank Verification Number, BVN, and a valid government identity card.
The advice added that the Cash Deposit Window is open to the public from today until Friday between 9am to 2pm daily.