The Central Bank of Nigeria, CBN, has informed citizens that there will be no cash swap for old notes in any financial institution.
The CBN already declared the old N200, N500 and N1000 are no longer recognized as legal tender, despite a Supreme Court ruling.
The apex bank on Tuesday released the guidelines for deposit of old notes at any of its branches across the country from February 15 and 17.
CBN explained that in exchange for the old notes, the bank account provided by the depositor 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.