To most Nigerians, the Central Bank of Nigeria’s decision to make old Naira notes irrelevant had been like a child’s play.
The apex bank had carried on like it was not certain of what it was doing, after it shifted the deadline for acceptance of the old Naira notes.
On the other hand, the Supreme Court did not help matters and now all of that poor handling of the process is now a burden on the shoulders of ordinary Nigerians.
There is confusion everywhere. Commercial banks and Fuel stations are no longer taking old notes after the Central Bank of Nigeria (CBN) declared that “old Naira notes are no longer legal.
However, there is still a window open to you to change your old Naira notes, even though it is not an outright swap. Also, it is just a tiny window.
That window only allows you to deposit your old Naira notes at any CBN branch in your state.
Find out where that branch is.
It is often in the capital city of your state.
Here are 9 things you should know about the right way to get naira value for your old Naira notes.
1. You Will Not Get Cash
Unfortunately, if you think cash is still going to be in circulation that much, you may just be lying to yourself.
This is because the CBN will not give you cash in exchange. In fact, it is not a cash swap programme.
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The equivalent of the amount you have brought to the CBN will be credited into your account which you will provide in a form.
2. Make Sure Your Account Is Valid
The next thing you should know is that your account must be valid for you to be able to get the credit.
Indeed, this is not a time to make mistakes with your account details- the number, account type, account name and even BVN.
3. You Must Show Up To Deposit By Yourself
The CBN makes it mandatory that you have to show up by yourself. You cannot send someone to do it for you.
It is fight against corruption and it is fight to finish.
So, you must leave whatever you are doing and get to the CBN branch to deposit your old Naira notes.
4. You Must Complete An Online Form Or Fill One At The Branch Of CBN
You will have to fill an online form which is the beginning of the process of depositing your cash.
For persons who cannot write or use online platforms, all you need to do is visit the CBN branch in your state and fill the form.
5. You Have Just Two Days
Unfortunately, the window is a tiny one.
You have just two days to deposit your old Naira notes with the CBN and get cash transfer for the equivalent.
Depositing of cash starts from 9:00AM and ends 2:00PM.
The deadline will be 2:00PM on February 17.
6. You Must Have A Reference Code From The Form Filled Online
Make sure that you have your reference code from the form filled online before you head to the CBN branch in your state.
This reference will be demanded for at the CBN branch.
7. Your Bank Account Must Be Active
If your bank account has been dormant, it is advisable that you visit your bank first and make some cash deposits to activate the account.
You may also walk to the customer care unit and inform them of your decision to reactivate your account. They will assist you with that.
Note that there will be too much of activities in the banks between today, Thursday, February 15 and Friday. So, go very early.
8. Have Your BVN Ready
You must also have your BVN available, as it will be requested for at the point of deposit of the old Naira notes.
9. Go With A Means Of Identification
Finally, you will need a means of identification because the CBN needs to be sure that you are the owner of the account.
You NIN, Driver’s License, Voters Card or International Passport are your means of identification in Nigeria.
Take any of them and make sure the name tallies with your name.
Remember that all of these are huddles to check corruption and this is why it is not possible to send someone to do this deposit on your behalf.
The only problem we see is that the CBN Website may not be able to accommodate the number of visitors that it will be getting between February 15 and 17.
In fact, if you try to open the website now, it will take you so much time to access it.
Keep trying, you may be able to access it at night.
