CBN Gives February 17 Deadline To Deposit Old Naira Notes

The Central Bank of Nigeria, CBN has given a deadline of February 17 for the return of all old naira notes that became illegal tender on February 10, 2023.

The bank in a message giving directions on how old naira notes can be returned gave a deadline of February 17, 2023 for the return of the notes.

The bank also gave a direction of the processes involved in returning the old notes.

Here are the steps to follow:

1.     Visit the CBN website and fill an online form to generate a code or go along with the money to the nearest CBN branch in your state to obtain the form and fill.

2.     Go along with any means of federal government recognised identification card such the national identity card, voter card or driving licence.

3.     A teller would be issued to you at the CBN branch and the old notes will be collected and deposited into your accounts. The operation starts from 9am to 2pm, from February 15 to 17.

According to the apex bank individuals are to bring the money to be exchanged personally and the deposits cannot be made by proxy.

Remarkably, the old notes are not to be exchanged for new ones immediately as the depositor is expected to be validated and when accepted the value of the old notes would be reflected in the depositor’s bank account.

GWG.ng reports that the window for old naira notes to be changed will help them overcome fears of losing their money after the deadline first given.

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