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The Central Bank of Nigeria (CBN) has declared that all old N200, N500 and N1000 notes will no longer be legal tender from February 10th, 2023 onward.
Though the Supreme Court put a temporary hold on this until it had time to decide an ongoing case on February 15th, the CBN Branch Controller in Bauchi, Haladu Idris Andaza confirmed on Monday, February 13th that the deadline of February 10th still stands.
To deposit old currency with CBN, customers must visit the CBN portal and fill out a form to generate a code which they can then bring or print when they visit their state’s CBN office.
In the form, they must provide personal information as well as bank account details and the amount to be deposited. All deposits are subject to money authenticity checks.
DailyTrust reported that Andaza said;
”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 that people have been asking about.
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.”
