CBN launches portal for deposit of old naira notes

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The Central Bank of Nigeria (CBN) has created a portal for the deposit of old naira notes. The bank published a notification titled ‘redemption of currency’ during a Wednesday check on the apex bank’s website.

According to the CBN, Nigerians can redeem their old N1,000, N500, and N200 notes by completing an online form. The notification also provided a link to the portal to enable the masses deposit old notes in their possession. “Please click here to create your profile, generate reference and print out receipt for you to proceed to nearest CBN branch to deposit your old N1000, N500 and N200 notes into your bank account,” it reads.

In order to generate a reference number, the apex bank asked customers to provide their Bank Verification Number (BVN), email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed. The Supreme Court had earlier on Wednesday said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old N200, N500 and N1,000 notes still stands.

The Supreme Court further fixed February 22 for the hearing of the suit filed by Kaduna, Kogi and Zamfara states challenging the propriety of the naira swap policy of the Federal Government. The court chose the date after joining the Attorneys General of Katsina Lagos, Cross River, Ondo, Ogun, Ekiti and Sokoto states as co-plaintiffs in the earlier suit filed by Kaduna, Kogi and Zamfara states.

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