Walking into the bank in grand style with lots of old Naira notes could leave you devastated. The Central Bank of Nigeria (CBN) has left a shocker for you there.
Does it mean the CBN does not respect the order of the Supreme Court?
Unfortunately, it appears so.
You see, when most bank customers went to commercial banks on Monday, they found they couldn’t deposit their old Naira notes. This situation baffled them.
Sadly, many people still possess the old Naira notes and this has led to considerable commotion in the bank.
The Central Bank of Nigeria (CBN) has declared that the old Naira notes of ₦200, ₦500, and ₦1000 have ceased to be legal tender in Nigeria since February 10, 2023.
However, the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza, while briefing journalists on Monday in Bauchi, said customers were free to go to the Central Bank and deposit. This, they could not do at commercial banks anymore because the currency had ceased to be legal tender since February 10, 2023.
“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,” he said.
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According to him, “for the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receiving all of those old Naira 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 ceased to be legal tender since February 10, 2023.
“Consequently, the management of the CBN decided that those customers would have a sigh of relief by coming to the offices of the CBN in all 36 states in the Federation, including the FCT, to deposit their money.
How To Deposit Your Old Naira Notes In CBN
“The customer has to go to the CBN portal and fill out 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, processed, and confirm the genuineness or otherwise of the money to avoid receiving fake notes because there are some fake notes in circulation now,” he stated.
